Taxes are part of the everyday payments and fees of any person living in the planet. The government is responsible for collecting and regulating taxes from businessmen, employees, workers, and even grocery buyers. These will then be allocated for various government activities and purposes such as funding an orphanage and building a new railway.
Though most people are aware as to where the taxes are going, there are still some who pays their taxes yet does not know the reason why they are obligated to do so. Nonetheless, paying taxes and filing Tax Forms during the tax season is an expected responsibility for every registered citizen in a State or country.
In every state and country, there will be varying taxes to pay and tax forms to fill out by the taxpayers, however, here are the top five vital tax forms that a taxpayer may have used and will encounter sooner:
- Self-employed Income Tax Form – This is designated for those who are working individually either as a sole proprietor of a business or as a freelance worker. In some states, the amount paid by a self-employed worker will be granted to a Social Security Agency and the Medicare. A self-employed worker whose minimum salary is $400 is obligated to pay for this type of tax which takes out about ninety percent of the worker’s earnings.
- Schedule C Tax Form – This form will be used together with the aforementioned Self-Employed Income Tax Form. The taxpayer will state his profit and loss reports in this document. A more specified area of the form will allow the taxpayer to indicate a deduction with regards to particular services and actions which were essential for improving the owned business.
- W-2 Tax Form – This is a type of Employee Tax Form which is commonly known as a Wage and Tax Statement Form. This will show the summed up amount of the employee’s earnings in a company and the amount of withheld taxes that an employee paid during his employment. The employer is obligated to mail this document to the employee before the last day of January to allow the employee in efficiently filling the form.
- Tax Exemption Form – People who are exempted from filing income taxes will use this form to inform the government about their exemption. There are also organizations who are exempted from such taxes which includes churches and non-profit organizations. Nonetheless, a number of documents must be presented to fully comply with acquiring a tax exempted status in a state.
- Tax Form 1098 – This document is for those who have mortgage and real estate loans. In some states, this form is often known as a Real Estate Tax Form since it also deals with the interests in a real estate property.
Filing taxes may somehow add up a bit of burden to any company and worker, however, every person should be reminded that these amount of money will then be given right back to the country’s citizens in a form of maintained cities and infrastructure projects. Overall, these taxes are the reason why a city and a country is alive and well.
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