Asked by Yakyra Shelton on Jul 21, 2024
Verified
What is the term for a Wage and Tax statement and what is its purpose?
Wage and Tax Statement
An IRS form, specifically Form W-2, that employers provide to employees and the IRS, detailing the employee's annual wages and taxes withheld.
Purpose
The reason for which something is done or created, or for which something exists.
- Determine the functions and elements of crucial tax documents including W-2, 1040, and 1099 forms.
Verified Answer
SS
Sandy SidhuJul 23, 2024
Final Answer :
W-2;the purpose is to report wages and federal tax,Medicare,and other deductions from income.
Learning Objectives
- Determine the functions and elements of crucial tax documents including W-2, 1040, and 1099 forms.