|
The who, what, when and how much of paying income
tax is explained here.
Not everyone has to file income taxes -- but most
of us do. In this chapter, you'll learn how to determine your filing
status, which form you should use, how much of your income is taxable
and at what rate. April 15 is the day by which most people must
file, but people who are living abroad or who are working in a battle
zone -- such as soldiers, journalists or aid workers -- get some
more time.
 |
What you can expect to learn from this chapter: |
|
|
 |
Filing
your return |
| |
Even though taxes were withheld
from you paycheck, you still have to file a return to
reconcile with Uncle Sam. |
|
Do
I have to file? |
| |
Your filing status, age
and income determine if you have to file. You'll know
the answer after reading this section. |
|
Finding
your filing status |
| |
An easy-to-understand chart
details who can file in each status category. |
|
Choosing
the correct form |
| |
Should you use 1040EZ, 1040
or 1040A? We decipher the standard tax forms for you. |
|
Determining
taxable income |
| |
We'll show you how to add
up your gross income and figure out what is your taxable
income. Plus, a list of common taxable and non-taxable
items. |
|
Tax
rates, or just how much do I owe? |
| |
The six tax rates and how
your effective tax rate is calculated. |
|
When
to file |
| |
Most of us have to file
our taxes by April 15 each year -- unless you ask for
an extension. See who else gets more time. |
|
Special
filing circumstances |
| |
If you live abroad or are
in a battle region -- such as Red Cross workers, soldiers
or journalists -- you can file later. |
|
Chapter
2 quiz |
| |
Do you know when to file
and which form to file? |
|
|
Chapter 2: Forms and filing
