ACC 456 WEEK 2 Income Types
ACC 456 WEEK 2 Income Types
ACC 456 WEEK
2 Income Types
ACC 456 WEEK 2 Income Types
ACC 456 WEEK 2 Income Types
Resource: pp. 2-6 in Ch. 4,
“Individual Income Tax Overview, Exemptions, and Filing Status” of McGraw-Hill’s Essentials
of Federal Taxation.
Note. The 1040 Form on pp. 4-2,
notice the Income section of the 1040 Form in the middle of the front of the
form.
Select five of the types of income
listed from line 7, through line 21 that interest you. For example, you can
select types of income that are most common to you (i.e., wages), sources that
you anticipate earning in the future (i.e., dividends or capital gains), or
sources that you know nothing about, but intrigue you (i.e., social security
benefits).
Utilize your textbook (see
Exhibit 4-3) and the Internet to research the five types of income you
selected.
Note. The IRS website is especially
useful. Wikipedia is not an acceptable source for this course.
Write a 350- to 700-word paper
that fully describes and explains the sources of income.
Include the following:
- Explain how these types of income are actually obtained by a
taxpayer.
- Describe the characteristics of these types of incomes.
- Explain how the IRS taxes the sources and amounts of these
types of income.
- Evaluate the pros and cons associated with these types of
income.
- Compare these types of income to other types on the 1040
Form.
- Apply what you’ve learned to your financial security now and
in the future.
Format your paper consistent with APA
standards. For examples and tutorials to help you write a paper that
meets APA standards visit the Center for Writing Excellence. Final score
will be impacted for papers not consistent with APA standards.
Click the Assignment Files tab to
submit your Microsoft® Word document assignment.
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ACC 456 WEEK 2 Income Types
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