Watch the lecture video on the "Chapter $1-$ Common Tax Forms Taxpayers Receive for Preparing Their Tax Returns", then answer the following questions:

a$)$ Form W$-2$:

Why is the amount reported in Box $1($Wages$,$ tips, other compensation$)$ different from the amounts in Box $3($Social Security wages$)$ or Box $5($Medicare wages and tips$)?$

What types of taxes are withheld from wages reported on Form W$-2,$ and where are they shown on the form?

What form does an employee complete to determine how much federal income tax is wheneld from their paycheck

b$)$ Form $1099-$NEC:

What is the primary difference between Form W$-2$ and Form $1099-$NEC? Who typically receives each form?

c$)$ Form $1099-$MISC:

What kinds of income are typically reported on Form $1099-$MISC that are not reported on the $1099-$NEC?

d$)$ Answer the following additional questions to deepen your understanding of other key tax forms:

Form $1099-$INT: What does this form report, and how is the income from it taxed?

Form $1099-$DIV: What is reported on this form, and why is it important to distingulsh between ordinary dividends and qualified dividends?

Form $1098$: What type of taxpayer receives this form, and how is the information on it used for deductions?