Here is the synopsis of our sample research paper on GROSS INCOME STATEMENTS, FORM 1040 AND INCOME TAX. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 4-page paper focuses on various things that require reporting on a Form 1040. These include wages, capital gains and rental income.
Page Count:
4 pages (~225 words per page)
File: D0_MTgrossinco.rtf
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Unformatted sample text from the term paper:
is more to doing this, however, than telling the Internal Revenue Service (IRS) how much money was earned in the previous year. Though many people file the so-called "short form,"
which just involves reporting wages, others files a Form 1040 (sometimes called the "long form), which lists various forms of income and deductions that can be taken. An individual filing
a tax return on a Form 1040 might report the following items on it. Wages. Wages are what a person
has earned in performing a job or service for a company or other employee during the taxable year. Even if an employer takes taxes out of wages, the wages need
to be reported on an individuals 1040. Employers who take taxes out of a workers salary will generally issue a W-2 form reporting the wages paid to the government (minus
taxes taken out). On the other hand, if the nature of the work is a contract arrangement (i.e., the worker is not a full-time one, but is hired for specific
projects), the company will send out a 1099 form, which reports wages, without any income tax deduction. Taxable Interest. Almost all
interest is taxable interest - there are a few exceptions to this, but not many. Taxable interest is interest received from or credited to a money account that can be
withdrawn. This includes interest received from bank accounts, loans and some investments. Even if the interest is miniscule, it needs to be reported (because the bank will certainly be doing
so). For instance, if someone has received $9.46 in interest during the year on a savings account, this needs to be reported.
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