Explain the content and purpose of a standard W-2 and 1099 form.

Explanation should include

• a review and explanation of each part of the Wage and Tax Statement (W-2), W-4, and 1099 forms

• an identification of items transferred to income tax forms
• the advantages and disadvantages of each, particularly in terms of
  • state benefits
  • federal benefits
  • long-term financial stability.