Explain the content and purpose of a standard W-2 and 1099 form.
DefinitionExplanation should include
- a review and explanation of each part of the Wage and Tax Statement (W-2) and 1099 forms
- an identification of items transferred to income tax forms.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of taxes by
- describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
- exploring how tax structures affect consumers, producers, and business owners differently;
- computing local taxes on products and services;
- examining potential tax deductions and credits on a tax return;
- explaining the content and purpose of a standard W-2 form; and
- explaining the similarities and differences between state and federal taxation of inheritances.