What form provides a wage and tax statement and indicates gross earnings and deductions for an employee?

Prepare for the Conference National Board – Arts Exam with flashcards and multiple choice questions. Each question includes reliable explanations. Gear up to ace your exam!

The correct choice is indeed the W-2 form. This document is specifically designed for reporting an employee's annual wage and tax information. It contains important details such as the employee's total gross income for the year, the amount of federal, state, and other taxes withheld, as well as Social Security and Medicare contributions.

The W-2 is crucial for both the employee and the IRS, as it provides a comprehensive summary of earnings and deductions, which the employee uses to file their personal income tax return. Having a precise record of these figures ensures accurate reporting and helps in determining any tax refunds or liabilities.

The other forms mentioned serve different purposes. The W-9 is used by individuals who are self-employed or are freelancers to provide their taxpayer identification number to businesses or entities that will be paying them. The W-4 is a form that employees complete to indicate their tax withholding preferences for federal income tax purposes. Lastly, the 1099 Form is typically used to report income other than wages, salaries, and tips, often in relation to non-employee compensation. Each of these forms has a specific function that does not overlap with the purpose of the W-2, making it the correct answer in this context.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy