Question: What is Maxwell's filing status?A. SingleB. Married filing jointlyC. Head of householdD. Dependent

Answer: B. Married filing jointly

Question: A W-4 form is given to you by your employer to complete for that specific job. Which statement below is definitely TRUE? A. He started working at this job during the 2019 tax yearB. He submitted the W-4 a few days after he startedC. He completed this W-4 for his job at Big City Office FurnitureD. He lives and works in the same city

Answer: C. He completed this W-4 for his job at Big City Office Furniture

Question: How much EXTRA money is Maxwell having held from each paycheck?A. $0B. $10C. $50D. Cannot tell from this form

Answer: C. $50

Question: Which of the following is TRUE based on how Maxwell has filled out this W-4?A. Maxwell's spouse does not need to fill out a W-4.B. Maxwell's spouse should fill out a W-4 but should not complete Steps 3-4b.C. Maxwell's spouse should fill out a W-4 and should also complete Steps 3-4b.D. Maxwell's spouse should fill out a W-4 but leave the box in Step 2c unchecked.

Answer: B. Maxwell's spouse should fill out a W-4 but should not complete Steps 3-4b.

Question: To fill out his W-4, Maxwell must have needed to know the following

Answer: His Social Security number, His address, and The number of dependents he plans to claim on his tax return

Question: Which statement below is TRUE, based on this W-4 form?A. Maxwell and his spouse are planning to itemize their deductions this yearB. Maxwell and his spouse have similar salaries but Maxwell earns a little moreC. Maxwell and his spouse both work at Big City Office FurnitureD. Maxwell works; his spouse does not

Answer: B. Maxwell and his spouse have similar salaries but Maxwell earns a little more

Question: Maxwell and his spouse anticipate earning around $110,000 in combined income during 2020. Given how he's completed this W-4 form, how many children do Maxwell and his spouse share?A. 1B. 2C. 3D. 4

Answer: B. 2

Question: If Maxwell and his spouse were to have another child, but all other aspects of their life stayed the same, which entries on a new W-4 form would he need to change?A. No need to change the formB. Step 2C. Step 3D. Step 4

Answer: C. Step 3

Question: In June, Maxwell's father comes to live in their home and can count as Maxwell's dependent. What steps does Maxwell need to take next?

Answer: Submit a new W4, Add to Step 3 so that Maxwell claims an additional $500 for a dependent

Question: When Maxwell completes this W-4, who should he submit it to?A. Big City Office FurnitureB. The IRSC. No one - he keeps it for his recordsD. His spouse

Answer: A. Big City Office Furniture

Question: Why is it extremely important to read the fine print of your W-4 form?

Answer: It is extremely important to read the fine print because you can easily miss information needed to fill out the form correctly. Also, if you don't fill it out correctly, you may end up having to pay taxes that do not apply to you.