How Do You Calculate Federal Income Tax For A Single Person?
Each year, people must file a tax return with the Internal Revenue Service. In order to file the tax return, the taxpayer must be able to calculate his taxes. The IRS provides Form 1040 to report income and make deductions. Using this form allows the taxpayer to properly calculate his taxes for the year. For people with simple taxes, they can fill out Form 1040A or Form 1040EZ. Use Form 1040 Lines 7 through 21 to report income. This income comes in the forms of wages, interest, alimony or other sources. Any time cash flows to you, it will probably qualify as income and needs reporting on Lines 7 through 21. Use the line titles to determine any additional income you may have not remembered. Sources of income come from Forms W-2 and any of the Form 1099s. Add together all the income, and write the number on Form 1040 Line 22. Read through Form 1040 Lines 23 to 35. These are above-the-line deductions. If you think any of them may apply to you, refer to the instructions for Form 1040 for s
