Which form shows withheld income and Social Security taxes?

Which form shows withheld income and Social Security taxes?

• A. Form 1040
• B. Form W-2
• C. Form 1099
• D. Form 941

Answer: (B)

The form that shows withheld income and Social Security taxes is the W-2 form. This form is issued by employers to employees at the end of the tax year. It summarizes the employee's total earnings for the year and details the amounts withheld for federal income tax, Social Security tax, and Medicare tax. The information presented on the W-2 is essential for employees when they prepare their tax returns, ensuring they accurately report their income and any taxes already paid through withholdings. In contrast, the other forms mentioned serve different purposes. The Form 1040 is the individual income tax return that taxpayers use to report their overall income and calculate their tax obligation, but it does not provide details on specific withholdings. The Form 1099 is used to report various types of income that are not classified as wages, salaries, or tips, and it does not include withholdings for Social Security or Medicare taxes. The Form 941 is a quarterly tax return that employers file to report income taxes, Social Security, and Medicare taxes withheld from employee wages, but it is not provided to employees. Thus, the W-2 is the correct choice for showing withheld income and Social Security taxes.

The form that shows withheld income and Social Security taxes is the W-2 form. This form is issued by employers to employees at the end of the tax year. It summarizes the employee's total earnings for the year and details the amounts withheld for federal income tax, Social Security tax, and Medicare tax. The information presented on the W-2 is essential for employees when they prepare their tax returns, ensuring they accurately report their income and any taxes already paid through withholdings.

In contrast, the other forms mentioned serve different purposes. The Form 1040 is the individual income tax return that taxpayers use to report their overall income and calculate their tax obligation, but it does not provide details on specific withholdings. The Form 1099 is used to report various types of income that are not classified as wages, salaries, or tips, and it does not include withholdings for Social Security or Medicare taxes. The Form 941 is a quarterly tax return that employers file to report income taxes, Social Security, and Medicare taxes withheld from employee wages, but it is not provided to employees. Thus, the W-2 is the correct choice for showing withheld income and Social Security taxes.