top-rated free essay

Tax Problem

By chemromance90 Oct 27, 2011 587 Words
SCHEDULE M (Form 1040A or 1040)
Department of the Treasury Internal Revenue Service (99) Name(s) shown on return ▶ Attach

Making Work Pay Credit
to Form 1040A or 1040.


OMB No. 1545-0074

See separate instructions.

Attachment Sequence No.

2010

166

Your social security number

Alice Johnson

222-23-3334

CAUTION

!

To take the making work pay credit, you must include your social security number (if filing a joint return, the number of either you or your spouse) on your tax return. A social security number does not include an identification number issued by the IRS. Only the Social Security Administration issues social security numbers. You cannot take the making work pay credit if you can be claimed as someone else's dependent or if you are a nonresident alien.

CAUTION

!

Important: Check the “No” box on line 1a and see the instructions if: (a) You have a net loss from a business, (b) You received a taxable scholarship or fellowship grant not reported on a Form W-2, (c) Your wages include pay for work performed while an inmate in a penal institution, (d) You received a pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan, or (e) You are filing Form 2555 or 2555-EZ. 1a Do you (and your spouse if filing jointly) have 2010 wages of more than $6,451 ($12,903 if married filing jointly)? Yes. Skip lines 1a through 3. Enter $400 ($800 if married filing jointly) on line 4 and go to line 5. No. Enter your earned income (see instructions) . . . . . . . 1a

b Nontaxable combat pay included on line 1a (see instructions) . . . . . . . . . 2 3 4 5 6 7 Multiply line 1a by 6.2% (.062) . . . . . . . .

1b . . . . . . . . . . . . . . . . 2 3 . 5 6 . . . . . . . 4 400 00

Enter $400 ($800 if married filing jointly) .

Enter the smaller of line 2 or line 3 (unless you checked “Yes” on line 1a) . Enter the amount from Form 1040, line 38*, or Form 1040A, line 22 . Enter $75,000 ($150,000 if married filing jointly) . . . . . . . . .

37,012 00
75,000 00

Is the amount on line 5 more than the amount on line 6? No. Skip line 8. Enter the amount from line 4 on line 9 below. Yes. Subtract line 6 from line 5 . . . . . . . . . . . Multiply line 7 by 2% (.02) . . . . . . . . . . . . . . . . . . . .

. . . . .

7 . . . . . . . . . . . . . . . . 8 9
400 00

8 9 10

Subtract line 8 from line 4. If zero or less, enter -0-

Did you (or your spouse, if filing jointly) receive an economic recovery payment in 2010? You may have received this payment in 2010 if you did not receive an economic recovery payment in 2009 but you received social security benefits, supplemental security income, railroad retirement benefits, or veterans disability compensation or pension benefits in November 2008, December 2008, or January 2009 (see instructions). No. Enter -0- on line 10 and go to line 11. Yes. Enter the total of the payments you (and your spouse, if filing jointly) received in 2010. Do not enter more than $250 ($500 if married filing jointly) . . . . . . . . . . . .

10

0

11

Making work pay credit. Subtract line 10 from line 9. If zero or less, enter -0-. Enter the result here and on Form 1040, line 63; or Form 1040A, line 40 . . . . . . . . . . . . . . *If you are filing Form 2555, 2555-EZ, or 4563 or you are excluding income from Puerto Rico, see instructions. Cat. No. 52903Q

11

400 00

For Paperwork Reduction Act Notice, see your tax return instructions.

Schedule M (Form 1040A or 1040) 2010

Cite This Document

Related Documents

  • Tax Memorandum

    ...Tax file memorandum Subject: Profit or Loss from business I. Facts: In early 2010, Walter Hodges became interested in the real estate market so he initiated his investigation into the real estate market. Mr. Hodges intended to acquire real estate with the intentions for investment or rental. Mr. Hodge has no previous knowledg...

    Read More
  • Economic Problems of Italy

    ...Economic Problems of Italy Intruduction Italy, is a boot shaped country in south-south eastern Europe. Italy, also known as the Italian Republic, is one of the seven most industrialized countries in the world. This lineup includes: United States, Russia, Germany, England, Japan, China and Italy. Main Industries/Resources Italy is a highly p...

    Read More
  • Change Problems

    ...Change policies and problems in BA 2009-2011 Name: Yanxi,Luo Student Number: W12019271 Tutor: Emma,Mullen Introduction: As a most famous and largest British aviation organization, British Airways is destined to be highly concerned by everyone, including its change. British Airways has owned nearly 90 years air service experience sine 1919,...

    Read More
  • Prentice Hall 2013 Income Tax

    ...Form 1040 Department of the Treasury - Internal Revenue Service (99) U.S. Individual Income Tax Return Last name 2011 OMB No. 1545-0074 IRS Use Only - Do not write or staple in this space. , 20 For the year Jan. 1-Dec. 31, 2011, or other tax year beginning , 2011, ending Your first name and initial Your social sec...

    Read More
  • Tax Cheat Sheet

    ...Luk’s Tax Cheat Sheet Types of Income and Net Income: Segment A: Employment Income, Business Income, Property Income, Other (alimony) Segment B: Taxable capital gains less allowable capital losses  either + or zero Segment C: Other deductions ie. RRSP contribution, moving expense, etc. Segment D: Employment, business or property los...

    Read More
  • Bush Tax Cuts

    ...Bush Tax Cuts A and B” 1. The Tax Cut of 2008: * As a business person, would you have wanted your congressman to vote for the tax cut of 2008. As a business owner I would have wanted the tax cut of 2008. At this time the economy was stalling, we were still at war, and consumer spending was starting to slow. With the uncertaint...

    Read More
  • Comprehenive Problems Week 3

    ...Week 3 individual assignment Comprehensive problem 67 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken’s modified adjusted gross income for purposes of the bond interest ...

    Read More
  • Tax Treatment of Gambling Loss as in Tschetschot Case

    ...Abstract In Tschetschot v. Commissioner, 93 TCM 914 (2007), the tax court ruled that taxpayer’s losses from participating in tournament poker were limited to the amount of her winnings. The court held that tournament poker is, despite its differences from other types of poker, essentially a wagering activity and therefore should not be treate...

    Read More

Discover the Best Free Essays on StudyMode

Conquer writer's block once and for all.

High Quality Essays

Our library contains thousands of carefully selected free research papers and essays.

Popular Topics

No matter the topic you're researching, chances are we have it covered.