Question

McConnell owns a small computer firm that he inherited from his father. He has no other source of income, but he might start another small firm a couple of months later. What form do you think he should fill for filing his returns?

A.

W-2 form

B.

IRS return form

C.

W-4 form

D.

1040-EZ form

Answer 1

B. IRS return form

Step-by-step explanation:

The Internal Revenue Service tax return form, is filled by individuals or business owners with a source of income, which yields profit and other benefits. The tax return gives the tax agencies an idea of the income the business accrues as well as its liabilities. This information would be helpful in knowing the amount of tax the business would pay, as well the time when it is due for payment. These forms are most times completed annually.

McConnell is a business owner whose present business obviously yields profit, since he is planning to open another small firm. For that reason, he would have to fill an IRS tax return form for businesses.

Answer 2

D. 1040-EZ form

Step-by-step explanation:

The 1040-EZ form is one of the Internal Revenue Service (IRS) forms filled by people in order to file for the federal taxes that they pay.

It is quite an easy, simple and very straightforward form that tax payers who pay their tax themselves (also known as individual tax payers) can use to file the taxes that they get from their income which could be from a part time job or a small business which they own.