W-2 and 1040 Forms

What is the purpose of a W-2 form?

• To order office supplies

• To book vacation days

• To report annual wages and taxes withheld

• To schedule meetings

What information does a W-2 form provide?

• A list of favorite movies

• Details of a person's social media accounts

• Information about an individual's wages, tips, compensation, taxes withheld, and other financial details for tax purposes.

• Information about an individual's medical history

When should an employer send out W-2 forms to employees?

• January 31st

• April 15th

• March 15th

• February 15th

What are the key differences between a W-2 and a 1099 form?

• W-2 is for employees with taxes withheld, 1099 is for independent contractors responsible for their own taxes.

• W-2 is for contractors responsible for their own taxes, 1099 is for employees with taxes withheld

• Both W-2 and 1099 are for employees with taxes withheld

• W-2 is for independent contractors, 1099 is for employees

What is the deadline for filing a 1040 form?

• June 15th

• April 15th

• May 15th

• March 15th

What are some common deductions that can be claimed on a 1040 form?

• Charitable contributions deduction

• Health insurance deduction

• Mortgage interest deduction

• Standard deduction, itemized deductions, student loan interest deduction, educator expenses deduction, self-employment tax deduction

How can someone file a 1040 form electronically?

• Mail the form to the local post office

• Submit the form in person at a government office

• Fax the form to the IRS

• Use the IRS Free File program, commercial tax preparation software, or a tax professional who offers e-filing services.

What is the penalty for filing a 1040 form late?

• No penalty for late filing

• A flat fee of $100 regardless of the amount owed

• 5% of the unpaid taxes for each month or part of a month, up to a maximum of 25%

• 10% of the unpaid taxes for each month or part of a month, up to a maximum of 50%

What is the purpose of Schedule A on a 1040 form?

• To report capital gains

• To report itemized deductions

• To calculate self-employment tax

• To claim the Child Tax Credit

What is the difference between a 1040EZ and a 1040A form?

• The 1040EZ is for individuals under 30 years old, while the 1040A is for individuals over 50 years old.

• The 1040EZ is for self-employed individuals, while the 1040A is for employees.

• The 1040EZ is for taxpayers with children, while the 1040A is for taxpayers without children.

• The 1040EZ is for simple tax situations, while the 1040A is for more complex tax situations.