The holiday season is upon us, which means those tax returns are begging for your attention. read more
Count up all the money you made this year. Send it all in.
Calculate your taxable income on the front page of Form 1040. Subtract adjustments on the bottom of page 1 of Form 1040, Subtract your personal exemptions and itemized or standard deduction as outlined in the instructions to page 2 of Form 1040.
This depends upon what kind of income you have. Are you salaried, self employed, have schedule B, C, E income? It would hard to just answer this question without knowing what you employment status is. It could be rather lengthy also.
If you are salaried, pages 1 and 2 of the 1040 personal tax returns must be completed with schedule A Itemized deductions included, if you have mortgage interest, medical and dental expenses, state and local tax paid, real estate taxes, gift etc. If your schedule A is not more than the standard deduction; it is usually wise to use the standard deduction. If there are children you may have child credits etc...you do your calculations and page two gives you the amount you owe after all deductions.
You can also file short form if you have no deductions... I noticed this was 6 months ago but it was still open. I hope this helps.
The IRS website has a some useful tools. This withholding calculator helps you estimate your tax liability.
http://www.irs.gov/individuals/article/ … ?portlet=2
You can check out the formula on my recent Hub. Hope it helps!
http://hubpages.com/hub/Individual-Inco … ndamentals
by Michael Willis 8 years ago
In Arkansas we get a standard deduction of $23 for a single person. Wow, we finally got an increase from $20. But we are taxed for everything imaginable. Even Federal Refund is considered taxable income here. (Yep, tax your taxes!)I am curious at what other states gives individuals for a standard...
by Alex J. Reissig 5 years ago
Would you support a flat 15% income tax?Would you support a flat 15% income tax in this country? Other than a personal deduction (possibly in the neighborhood of 25k per individual/50k per couple) there would be no deductions.
by Cindy Pierre 5 years ago
Could a flat tax work if it was implemented with exceptions?If a flat tax was implemented having exclusions like food, but a higher rate on luxury items would it work?
by Moderndayslave 6 years ago
What percentage of Tea Party supporters do you think are not going to file for Disaster relief after Irene? Wouldn't that be a Government handout? Maybe the storm miraculously missed all of their homes. How about forgoing social security or medicare? I have the feeling it's only ok when it's...
by Pankaj Pathak 5 years ago
How do I calculate the insurance premium for my car?
by Holle Abee 6 years ago
Biden averaged giving $369 per year to charity over the last decade. $369 on an income of $320,000?? That's sad. We make way less but donate more than that.http://www.usatoday.com/news/politics/e … cial_N.htm
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