Shade background in the IRS Form 1040-ES

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How to shade background in the IRS Form 1040-ES

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hey everyone im bradford with the painting pendulum of personal finance in this video im going to walk you through how to fill out irs form 1040 schedule se which is how youre going to calculate how much you owe in self-employment taxes so lets jump into it so here we have irs format 1040 schedule se for tax year 2021 so starting out youre just going to enter your name as well as your social security number and then were going to jump into part one for self-employment taxes now the majority of people can skip a if they are not a member of the clergy or they work for a church and if youre not a farmer you can also skip 1a and 1b if you are a farmer or a member of the clergy please reference the instructions for this form which i have linked in the description down below so the vast majority of people the first section theyre gonna care about filling in is gonna be two so coming down here in this situation im gonna say john doe drove for uber a little bit last year to make some

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The 1040 Form reports all income received by taxpayers over the year. This includes wages, salaries, tips, interest and dividends, capital gains, and losses from investments. The 1099 Form, on the other hand, typically only reports freelance income or other non-employee compensation.
Most U.S. citizens or permanent residents who work in the U.S. have to file a tax return. Generally, you need to file if: Your gross income is over the filing requirement. You have over $400 in net earnings from self-employment (side jobs or other independent work)
Form 1040, formally known as the U.S. Individual Income Tax Return, is the form people use to report income to the IRS, claim tax deductions and credits, and calculate their tax refund or tax bill for the year. The IRS releases a revised version of the form for each tax filing year.
Form 1040-A was a simplified version of Form 1040 used for filing individual income tax. Filers using 1040-A were required to have less than $100,000 in taxable income and not have exercised any incentive stock options during the year.
The IRS 1040 and W-2 forms are not the same thing. A 1040 is the main document you use to file your tax return with the IRS. A W2 includes information from an employer about an employees annual wages and taxes withheld.

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