Future Business Leaders of America (FBLA) Business Calculations Practice Test

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Dive into the FBLA Business Calculations Test. Sharpen your analytical skills with multiple-choice questions and gain insights with detailed explanations. Excel in your exams!

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If your only income is reported on a W-2, which form can you use to file your income tax return?

1040EZ
W-4
I-9
W-2

The correct answer is: 1040EZ

The most appropriate form to use for filing your income tax return when your only income is reported on a W-2 is the 1040EZ. This form is specifically designed for individuals with straightforward tax situations, such as those with a single source of income, no dependents, and taxable income under certain limits. The 1040EZ simplifies the filing process, allowing individuals to report their wages, salaries, and tips as shown on the W-2. Additionally, it provides a streamlined method for calculating taxable income and determining any potential tax liabilities or refunds. In contrast, the W-4 is the form used to determine the amount of tax withholding from an employee's paycheck and does not pertain to filing a tax return. The I-9 is used to verify an employee's identity and eligibility to work in the United States and is unrelated to income tax filing. The W-2, although crucial for reporting income, is not a form used for filing the actual income tax return; it serves as a reference for completing forms like the 1040EZ.