TAXES FINAL REVIEW

TAX FORMS

100

This form is used by employers to show the number of wages that were paid to their employees and the amount of federal and state taxes withheld

What is form W2

SCHEDULES

100

This Schedule is used by independent contractors, sole proprietors, and persons that are in business for themselves to report their income and losses for the year

What is Schedule C?

PENALTIES

100

This IRS Penalty is imposed when a taxpayer does not file a return by the due date (Tax Day)

What is Failure to File Penalty?

INCOME

100

This income if the IRS definition of ALL sources of income before any deductions are taken out. 

What is gross income?

CREDITS

100

This Credit is partially refundable and granted to taxpayers with dependent children under the age of 17. 

What is Child Tax Credit?