Purpose of Tax Forms

W-4 is completed by YOU BEFORE you start your job

Tells the employer how much tax to take out of your paycheck

Only completed BEFORE you start working OR if you want to change how much taxes are taken out

Completed by your employer by Jan 31st

Lists totals of all taxes taken out of your paycheck from entire year (last January-December)

can have multiple W-2's if you've had multiple jobs in a calendar year

The Employer's (your boss) job to complete an I-9 form on you once you're hired

used to verify your identity

must present appropriate documents

examples of documentation include: passport, driver license and social security number/birth certificate, (a longer list is on the IRS website)

Use 1099 forms to report different types of unearned income

There are different types of 1099 forms that include:

1099-int: interest income (like from savings account)

1099-div: dividends (if you made money from stocks)

1099-misc: rent or income from prize money

1099-R: retirement money