Hello, may I speak to Tom?

1. Who's calling?
2. Who's speaking?
3. Who's talking?

(Are all the answers correct?)

They're all correct. But # 1 is by far the most common question when you're answering the phone. We often may ask, "May I tell him who's calling?"

All three questions are correct and can be used interchangeably to ask about the identity of the person who is currently speaking or calling. They are commonly used when someone wants to know the name of the person they are talking to or speaking with.