# CTE Resource Center - Verso - Economics and Personal Finance Task 1591973378

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the content and purpose of a standard W-2 and 1099 form.

Definition

Explanation 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

EPF.16

The student will demonstrate knowledge of taxes by
  1. describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
  2. exploring how tax structures affect consumers, producers, and business owners differently;
  3. computing local taxes on products and services;
  4. examining potential tax deductions and credits on a tax return;
  5. explaining the content and purpose of a standard W-2 form; and
  6. explaining the similarities and differences between state and federal taxation of inheritances.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Business Calculations

 

Business Math

 

Economics

 

Introduction to Business

 

Personal Finance