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3 years ago

Why might you complete a 1040 instead of a 1040ez? everfi?

2 answers:

6 0

In general, if you have more types of deductions on your tax, the 1040 forms maybe more appropriate for you because it provide you with various options to claim deductions or credit.
The 1040Ez on the other hand only offer a simple format that only beneficial for taxpayers who made certain conditions.

Dmitry_Shevchenko [17]3 years ago

5 0

Self-employed individual cannot file federal tax using 1040EZ. They have to use form 1040.

Further Explanation:

Form 1040EZ:

This form is filled by the individuals in order to file their federal tax return. It is used when the individual does not plan to claim any deduction and credits. It is the easiest form out of the three forms (1040, 1040A and 20140EZ). Form 1040EZ will allow help you in taking the standard deduction but it will not help in taking the deduction item wise.

Form 1040:

This form is filled by the individuals that have high level of earnings and complex forms of income. This form is filled to claim the deduction and credits. It is the most complex form out of the three forms.

Difference between form 1040 and 1040EZ:

Following are the difference between form 1040 and 1040EZ:

1040EZ is used when the taxable income is less than $100,000 and 1040 is used when the taxable income is more than $100,000.
1040 is used to claim the deductions and credits. 1040EZ cannot be used to claim the deductions and credits.
Self-employed individual cannot file federal tax using 1040EZ. They have to use form 1040.
1040 is used to file the income earned from the sale of the property. 1040EZ cannot be used for that purpose.

Learn more:

1. Learn more about the capital gain tax

brainly.com/question/2617534

2. Learn more about the state income tax

brainly.com/question/2996312

3. Learn more about the personal tax

brainly.com/question/1762937

Answer details:

Grade: Senior School

Subject: Taxation

Chapter: Income Tax

Keywords:Complete, 1040, instead, 1040EZ, income tax, personal tax, filling the return.s

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34,000 units

Explanation:

Given that,

Budgeted sales = 32,000 units

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Beginning inventory = 4,000 units

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Number of units = Budgeted sales + Ending inventory - Beginning inventory

Number of units = 32,000 units + 6,000 units - 4,000 units

Number of units = 34,000 units

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3 years ago

In an open economy, gross domestic product equals $1,970 billion, government expenditure equals $300 billion, investment equals

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3 years ago

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inevitable, but maintaining a degree of tension can actually be helpful in keeping a group energized and creative

Explanation:

Integrationist view of managing conflict is a recent view which views conflict as inevitable in an organization or in a setting. According to this view, handling conflict the right way when they arise should be the focus. Conflicts, when handled properly would brings growth and progress in an organization, and would lead to openness and creativity.

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3 years ago

The graph shows excess demand. A graph titled Excess supply has quantity on the x-axis and price on the y-axis. A line with posi

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Answer:

The price of goods needs to be increased.

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3 years ago

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On January 2, 2015, Quick Delivery Company traded in an old delivery truck for a newer model. The exchange lacked commercial sub

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Answer:

$36,000

Explanation:

The first step is to calculate the fair value of the new truck

(List price-cash paid with trade)-(original cost -accumulated depreciation)

= (36,000-30,000)-(24,000-16,000)

= 6000-8000

= loss of $2000

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(Original cost- accumulated depreciation)+cash paid with trade-loss

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3 years ago