Please Define the Following Key Terms

question 94

Short Answer

Please define the following key terms.
-Harry Truman

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Definitions:

W-2

A form used in the United States to report wages paid to employees and the taxes withheld from them to the Internal Revenue Service (IRS).

1099 Form

An IRS tax form used to report various types of income other than wages, salaries, and tips.

Untaxed Income

Income that is not subject to taxation by the authorities.

1040EZ Form

A simpler version of the IRS tax form for individuals with straightforward financial situations, no longer in use as of the 2018 tax year.