Which of the Following Forms Is Typically Given to Employees

question 163

Multiple Choice

Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms?

• A) Employee's Withholding Allowance Certificate (W-4)
• B) Wage and Tax Statement (Form W-2)
• C) Employer's Quarterly Federal Tax Return (Form 941)
• D) 401k plans

---

Definitions:

FIFO

An inventory valuation method that assumes goods are sold in the order they are acquired, standing for "First In, First Out."

LIFO

LIFO stands for "Last In, First Out," a method used in inventory management and accounting where the most recently produced items are recorded as sold first.

Income Tax Expense

The cost associated with income taxes due to a government, calculated based on taxable income.

Cash Flows

The total amount of money being transferred into and out of a business, particularly in relation to its operating, investing, and financing activities.