Vita exam qa 2024 rated a - Study guides, Class notes & Summaries
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VITA EXAM Q&A 2024 (RATED A+)
- Exam (elaborations) • 18 pages • 2024
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Wages and Salaries - Answer--W-2 form 
-most common 
-Reports total income, withholdings, and other taxes from employer 
 
Tip Income - Answer--W-2 box 8 
-all tip is taxable and generally reported on W-2 
 
Scholarship Income - Answer--1098-T to report qualified tuition and related expenses deemed necessary for an institution 
-excess scholarship is taxable income 
-Any scholarship, grants, or fellowships used for qualified expenses are non-taxable income 
-If they are used for non-qualified ex...
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