• 0 Posts
  • 7 Comments
Joined 9 months ago
cake
Cake day: May 19th, 2024

help-circle





  • Wage workers fill out a form with their employer called a W-4 that lets the employer determine the appropriate amount to deduct in tax and pay to the IRS for you.

    Many people have additional sources of income though, some of which will pay tax for you, some of which do not. Each Year when you ‘file’ your taxes you gather all that information together and pay any outstanding balance. (or receive a refund for overpayment). The form is called a 1040 and comes with a workbook that walks you through everything. It includes very large tables where you can look up the tax amount to avoid having to calculate it as well. If your tax situation is fairly straightward an eighth grader could probably do it.