+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Which of the following is not a goal of the income tax system?
A. Raising revenue to operate the government B. Providing incentives for certain business and economic goals, such as higher employment rates, though business-favorable tax provisions. C. Providing incentives for certain social goals, such as charitable giving, by allowing tax deductions, exclusions, or credits for selected activities. D. All of the above are goals of the income tax system |
D. All of the above are goals of the income tax system.
|
|
What are the qualifications needed to file 1040EZ?
|
1. Must be single or married filing a joint return
2. Must not be age 65 or older and/or blind. 3. Must not claim any dependents 4. Taxable income must be less than $100,000 5. Income must include only wages, salaries, unemployment compensation, and not more than $1,500 if taxable interest 6. Must not have received advanced earned income credit payments |
|
What is Schedule A?
|
Schedule A is used for people who itemize their deductions, which includes medical expenses, certain taxes, certain interest, charitable contributions, casualty and theft losses, and miscellaneous deductions.
|
|
What is Schedule B?
|
It is for interest income (over $1,500) and dividend income (over $1,500).
|
|
What is Schedule C?
|
It is for self-employment income from a trade or business. Profit or loss from business or profession (sole proprietorship).
|
|
What is Schedule D?
|
When taxpayer has capital gains or losses, he or she must file this form to report those gains or loses
|
|
What is Schedule E?
|
This supplemental income schedule is used to report rental or royalty income and pass-through income from partnerships, S corporations, and estates and trusts (from forms 1065, 11205, and 1041).
|
|
What is Schedule F?
|
Farm and ranch income is reported
|
|
What is Schedule L?
|
Standard deduction for certain filers
|
|
What is Schedule M?
|
Making work pay and government retiree credits
|
|
What is form 1041?
|
Fiduciary (estates and trusts) tax return
|
|
What is form 1120?
|
Corporate tax return which must be used to report income annually.
|
|
What is form 1120S?
|
S corporation tax return
|
|
What is form 1065?
|
Partnership information return. Partners must file to report the amount of income or loss and show the allocation of the income or loss to the partners.
|
|
What is Schedule K-1?
|
Partner's share of partnership results
|
