Question

CALCULATE: Completing a 1040 The 1040 is the form that Americans use to complete their federal income tax returns. In this activity, you will use sample W-2 forms to complete 1040 forms for five different characters.

Answer 1

The 1040 form is used by Americans to complete their federal income tax returns. It considers factors like adjusted gross income, deductions, and exemptions to determine the taxable income and corresponding tax liability.

Step-by-step explanation:

The 1040 form is the form that Americans use to complete their federal income tax returns. It is based on the U.S. tax code and is used to calculate the taxes owed on the income earned throughout the year. The form considers various factors such as adjusted gross income, deductions, and exemptions to determine the taxable income and the corresponding tax liability.

Filling out the 1040 form correctly is important to ensure compliance with tax laws and to accurately report income and pay the appropriate amount of taxes.

Answer 2

Income tax paid is the total amount of IRS Form 1040-line 22 minus Schedule 2-line 2.

Step-by-step explanation:

Income tax paid is the total amount of IRS Form 1040-line 22 minus Schedule 2-line 2.