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Understanding Taxes Worksheet

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Understanding Taxes Worksheet

Resources: The United Stated Internal Revenue Service at www.IRS.gov

Directions Use the links provided for each tax form to answer the corresponding questions in 50- to 150-word responses.

Understanding the 1040 Form

Visit the 1040A Form at http://www.irs.gov/pub/irs-pdf/f1040a.pdf

1. Compare and contrast the 1040, 1040A, and 1040EZ forms. Which form would a single student use? If the student was married with children which form would most likely be used?
The single student could use the 1040EZ form. That form is meant for someone who has an uncomplicated tax return to file. The student who is married should use the 1040A form because they do not qualify to use the 1040EZ form, as theirs will be a more complex return to file seeing as they have dependents.

2. If a person is single and the head of household, why would he or she be able to file “head of household?” Are there any benefits from filing as head of household, rather than single?
They can file Head of Household if they provide for more than half of the expenses for maintaining a home. Filing for Head of Household puts you in a higher tax standard deduction and has a wider bracket for taxes. This means that they could get a bigger tax return instead of just filing as single.

3. Define capital gains. What impact can they have on a refund or payment of taxes?
This is the amount you gain when you sell something for more than you paid for it. This applies to almost anything, cars, homes, etc. When you have capital gain you must report that amount when you file for your taxes each year. The amount of time you had the item determines the amount of tax you will have to pay. The short amount of time you have something before selling it, the higher the tax bite will be.

4. What is adjusted gross

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