Income Tax Flow Chart (LaMaya Mapp + Tyler Hankinson)
Link to Flowchart:
Income Tax Flowchart
The task that we selected to do research about was Income Taxes using the 1040 and W-2 form. During this process Tyler and I decided to come up with a definition of this process. We both tried to figure out why we file income tax in order to understand it better. We both came up with, "We file income tax returns in order to report all of our income and to determine how much of our total income will end up being taxable income. The taxable income will be subject to the income taxes at marginal tax rates. We also file this income tax to keep the services that the government has provided for us. The government use the revenue that comes from the amount of income taxes of the tax payers." Learning and understanding the 1040 and W2 form was long and hard but it was worth it because we will be using this information soon enough in the future. Making the flowchart was difficult because there were so many things to talk about and so many directions to follow, so instead, we summarized the process. The paper work was easy but LONG. It required basic information of payments that was given to us. I would only change the fact that it was long and the math needed to do the work. It's probably long and complicated because many people cheat on their taxes when filing for income and when they do, they will be sued by the government.
Income Tax Flowchart
The task that we selected to do research about was Income Taxes using the 1040 and W-2 form. During this process Tyler and I decided to come up with a definition of this process. We both tried to figure out why we file income tax in order to understand it better. We both came up with, "We file income tax returns in order to report all of our income and to determine how much of our total income will end up being taxable income. The taxable income will be subject to the income taxes at marginal tax rates. We also file this income tax to keep the services that the government has provided for us. The government use the revenue that comes from the amount of income taxes of the tax payers." Learning and understanding the 1040 and W2 form was long and hard but it was worth it because we will be using this information soon enough in the future. Making the flowchart was difficult because there were so many things to talk about and so many directions to follow, so instead, we summarized the process. The paper work was easy but LONG. It required basic information of payments that was given to us. I would only change the fact that it was long and the math needed to do the work. It's probably long and complicated because many people cheat on their taxes when filing for income and when they do, they will be sued by the government.
Comments
No comments have been posted yet.
Log in to post a comment.