Answered

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If you work, which form will you receive that reports the amount paid out to you during a particular year as well as illustrates any tax deductions already taken?
A.
1040

B.
W-2

C.
1099

D.
1040EZ

Sagot :

2027177idn

Answer:

Option W-2

Explanation:

W-2 is the form that indicates that the employer withholds the taxes and then has paid the salary to the employee. This form determines if an individual will receive refund or if he has to pay additional taxes for the year.

1040  is the form for single tax payer or couple with no children files income taxes.1040 EZ is the form for young people whose incomes are easier to understand and simple.1099 represents the interest income earned and other income from the investments made for the previous year.

For reporting the amount for a particular year as well as the tax deduction is already taken, form W-2 is used. Hence, option B is correct.

What are tax forms?

The Tax forms are different forms that are assigned to be filled for varying purposes.

  • The tax form 1040 is used by U.S. income taxpayers to file their annual tax income returns.

  • The tax form W-2 is used for filing the income earned along with the taxes to be filed to return with the previous year.

  • Form 1099 is used by independent contractors.

  • The tax form 1040EZ is used for filing single or married jointly tax returns.

Thus, for reporting the amount for a particular year as well as the tax deduction is already taken, form W-2 is used. Hence, option B is correct.

Learn more about tax forms, here:

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