BUSINESS ADMINISTRATION
OFFICE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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W-2
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W-4
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accounts payable
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accounts receivable
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Detailed explanation-1: -The W-4 tells the employer how much to withhold from the employee. The W-2 tells the IRS what the employee earned in the previous year. Small business owners and large businesses are required to submit Form W-2. Every employee must file a W-4.
Detailed explanation-2: -The W-2 reports how much you earned from your employer as well as how much tax was withheld on your behalf during the tax year. You should consider reviewing your tax withholding annually to ensure you withhold the correct amount of money from your paychecks.
Detailed explanation-3: -Employers use W-2s to report FICA taxes for employees. The IRS also uses W-2 forms to track individuals’ tax obligations.
Detailed explanation-4: -Form W-4 tells you, as the employer, the employee’s filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee’s pay.