Essay on Understanding Taxes Worksheet

856 Words Sep 3rd, 2015 4 Pages
University of Phoenix Material

Understanding Taxes Worksheet

Resources: The United Stated Internal Revenue Service at www.IRS.gov

Directions Use the links provided for each tax form to answer the corresponding questions in 50- to 150-word responses.

Understanding the 1040 Form

Visit the 1040A Form at http://www.irs.gov/pub/irs-pdf/f1040a.pdf

1. Compare and contrast the 1040, 1040A, and 1040EZ forms. Which form would a single student use? If the student was married with children which form would most likely be used?
The single student could use the 1040EZ form. That form is meant for someone who has an uncomplicated tax return to file. The student who is married should use the 1040A form because they do not
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It shows how much is paid to SSI, and even the amounts of money taken out for Medicaid.

9. When does a taxpayer receive the W-2? Who will provide this form to the taxpayer?
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.

10. What items on the W-2 make up the Federal Insurance Contributions Act or FICA?

Generally, you are required to withhold social security and Medicare taxes from your employees' wages and you must also pay a matching amount of these taxes. Certain types of wages and compensation are not subject to social security and Medicare taxes.

11. What form should accompany the W-2 for Child and Dependent Care Expense? This will be a two-word answer.

Form 2441

12. What is the date that taxes are due? If you need an extension what form would you use? How long is the extension? Are there any penalties for requesting an extension?

File an IRS tax extension and you can wait until October 15th to file your income tax return, with no penalties whatsoever. Form 4868. The day taxes are typically due each year is April

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