W2 vs. W4. 1099 Vs Employee

What tax form should a contractor receive at the end of the year?

• W-4

• 1040

• 1099

• W-2

Which of the following is a benefit typically available to employees but not contractors?

• Flexible work hours

• Remote work options

• Health insurance

• Higher pay rates

How often do contractors typically pay estimated taxes?

• Every month

• Four times a year

• Once a year

• Twice a year

What is a key factor in determining if someone is a contractor?

• Working in an office

• Being paid a salary

• Having more control over their work

• Receiving a W-2 form

Which tax form shows earnings over the past 12 months and taxes withheld?

• W-2

• 1040

• W-9

• 1099

What is a common characteristic of a contractor's work arrangement?

• Company-paid expenses

• Regular salary

• Specific project or period

• Permanent employment

Which of the following is true about 1099 forms?

• They list taxes withheld by the employer

• They show money received from a single client

• They are only for employees

• They are issued monthly

What is a potential legal issue with gig-economy companies classifying workers as contractors?

• It may not comply with labor laws

• It increases company taxes

• It simplifies tax filing

• It guarantees more benefits

What is the primary purpose of a W-2 form?

• To determine your eligibility for a loan

• To apply for a new job

• 
  To report your earnings and taxes withheld to you and the IRS

• To update your personal information with your employer

Who fills out the W-2 form?

• The IRS

• The employee

• The employer

• The state government