From the course: Finance Foundations: Income Taxes

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Joint Form 1040: Entering personal information

Joint Form 1040: Entering personal information

From the course: Finance Foundations: Income Taxes

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Joint Form 1040: Entering personal information

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- We are familiar with basic tax concepts: - We are familiar with basic tax concepts, tax rates, tax brackets, tax deductions, tax credits, average tax rates, marginal tax rates. Now let's increase our practical understanding by working through a simple, basic tax return. We'll use a tax returns for individuals in the United States as an example. Some individual tax returns are quite simple. No dependents, low taxable income, low deductions, no self-employment income on the side and no IRA account. At the other end of the spectrum, an individual tax return can be very complicated. High taxable income including some self-employment income, high deductions, IRA and 401(k) contributions and so forth. We will use examples that are in the middle. Some complications, but not too many of them. First we'll start with an example of Ramona and Kay, a married couple. Ramona and Kay have three children. Their total income is $91,000 dollars and we'll work through their Form 1040 with this…

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