BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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form used to report your gross income and file your taxes
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1099 Form
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1040 Form
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -What is the purpose of a 1040 form? Taxpayers use the federal 1040 form to calculate their taxable income and tax on that income. One of the first steps is to calculate Adjusted Gross Income (AGI) by first reporting your total income and then claiming any allowable adjustments, also known as above-the-line deductions.
Detailed explanation-2: -No, your W-2 and 1040 are different forms. A W-2 is the form that your employer will send to you with information on your income and tax rate, while a 1040 form is the form that you fill out and send to the IRS when filing your taxes.
There is 1 question to complete.