Financial Lit: Unit Taxes-Tax Forms

Which tax form is used to report your annual income and calculate your federal income tax liability (how much you owe)?

• Form I-9

• Form W-2

• Form W-4

• Form 1040

Which tax form is used by employees to indicate their withholding preferences for federal income taxes?

• 1. Form I-9

• Form W-2

• Form W-4

• Form 1099

Employers use which form to report their employees' earnings and withholding information to the IRS?

• Form I-9

• Form W-2

• Form W-4

• Form 1099

Which tax form is used for verifying the identity and employment authorization of individuals hired to work in the United States?

• Form I-9

• Form W-2

• Form W-4

• Form 1099

What is the primary purpose of Form 1099?

• Reporting income earned from a sole proprietorship

• Reporting self-employment income

• Reporting interest, dividends, and other income not from employment

• Reporting tax deductions

Which form is commonly used by independent contractors and freelancers to report their income to the IRS?

• Form I-9

• Form W-2

• Form W-4

• Form 1099

1. If you are a new employee, which form should you complete to inform your employer about your tax withholding preferences?

• Form I-9

• Form W-2

• Form W-4

• Form 1099

Which tax form is required for U.S. citizens and residents to report worldwide income to the IRS?

• Form I-9

• Form W-2

• Form W-4

• Form 1040

Form W-2 includes information on which of the following?

• Employment eligibility

• Income and tax withholding

• Mortgage interest deductions

• Capital gains

Which tax form must be kept on file by employers for each of their employees and is used to verify an employee's eligibility to work in the United States?

• Form I-9

• Form W-2

• Form W-4

• Form 1099