Intro To Financial Literacy: Common Tax Documentation

Identify how the W-2 tax form summarizes wages earned and taxes withheld by your employer for IRS filing, and note that you may receive multiple W-2s from different employers.

Explore a sample W-2 form to see how income is reported and taxed, including federal income tax, social security tax, Medicare tax, and state and local taxes withheld.

Learn how 1099 forms report payments to independent contractors who must manage their own tax withholdings, unlike W-2 employees. Explore 1099 forms like miscellaneous income and dividend and interest income.

Explore the 1099 forms, including miscellaneous, dividend and distribution, and interest, and compare them to a W-2, noting that contractors receive, and employers do not withhold, taxes.

Learn how to file the 1040 personal tax return using online software by entering 1099 and W-2 data, then determine tax liability and potential refund.

Explore the 1040 tax form's pages one and two, detailing personal information, income types from W-2 and 1099, withholdings, tax liability, and refunds or amounts owed, aided by software.

Explore how the 1040 Schedule C documents income and losses from self-employment or contract work, such as 1099 earnings from Uber or Lyft, for sole proprietors.

Explore the Schedule C form on the 1040 for reporting income from self-employed or contract businesses, including gross receipts and expenses to determine net profit or loss for tax liability.

Review key tax forms like W-2, 1099, and 1040, and understand how Schedule C reports business income and expenses to determine net profit or loss.

Explore Schedule E, the IRS form for supplemental income like rental real estate. Learn to report rents received, track expenses, and calculate net profit or loss for tax liability.