What is the difference between the 1040, the 1040A, and the 1040EZ? How does tax-exempt income differ from tax-deferred income? What is the difference between income tax and capital gains tax? Explain how the taxation of a C-corporation differs from the taxation of other forms of ...
while the Medicare tax rate is 2.9% – for a total self-employment tax rate of 15.3%. However, unlike FICA taxes, which are evenly split between the employer and employee (7.65% each), self-employed people
Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often rep...
You’ll include this information on your personal income tax return via the Schedule E, which flows to Schedule 1 and ultimately to Line 8 on the Form 1040. Watch out: Your fund might be issuing a K-1 rather than a 1099 Did you know that a few exchange-traded funds (ETFs)—those ...