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What tax forms do I need if i have a full time job with taxes taken out but also do some untaxed work on the side?
Wiki User
∙ 16y ago
Along with your Form 1040, you will need Schedule C, to report the untaxed income and associated expenses, and Schedule SE, to calculate your self-employment tax, and possibly Form 4562 if you have tools or equipment to write off.
Wiki User
∙ 16y ago
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What is the difference between direct and indirect taxes?
A direct tax is one that is taken directly from the individual, such as income tax. Indirect taxes, such as sales tax, are collected by merchants and taken from the consumer. Indirect taxes also lead to inequalities while direct taxes do not.
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
What is a 1040 tax form Where do I find them?
When dealing with any question on taxes, the best method is to read the IRS website, which explains taxes and tax forms. It is also possible to print tax forms directly from their website easily.
What is the purpose of a pay slip?
A pay slip is the paper that is usually attached to a person's pay check. It shows the earnings and taxes taken out of the pay check. It also shows earnings and taxes taken out year-to-date.
What are the three taxes taken form your paycheck?
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
Where can I download some income tax forms?
Income tax forms are available online at www.irs.gov/formspubs/Index.html. There are also other forms available, such as instructions on taxes. All of it is free.
What is the primary purpose of a pay slip?
A pay slip is the paper that is usually attached to a person's pay check. It shows the earnings and taxes taken out of the pay check. It also shows earnings and taxes taken out year-to-date.
How do people pay taxes?
People pay taxes in many different ways. Taxes are taken out of your paycheck, you pay taxes when you make purchases at a store, and you pay taxes on your home and property.
What is take home pay also referred to as?
Net income. (income left over after taxes, etc. are taken out)
Do police in pay taxes?
Yes, they pay taxes. Occupation has nothing to do with taxes because it is taken out everyone's pay checks each month. What you earn determines the tax, not what you do. Plus, everyone also pays property taxes, gas taxes, car taxes, and taxes when you buy something. No one escapes except the very rich.
If your land is taken for unpaid taxes do you also lose the mineral rights?
If the town takes your property for non-payment of property taxes then you lose all rights in the property unless you redeem the land by paying the delinquent taxes.
What is base employment Income?
Base employment income is the amount earned before commission or other bonuses. It is also the gross income earned before taxes are taken out.
