Is Gross your total for taxes or Net?
2007-01-22 04:26:06 · 5 answers · asked by lorry42766 2 in Business & Finance ➔ Taxes ➔ United States
If you're working as an employee, then gross is what's taxed.
If you have your own business or are working as an independent contractor, then there are deductions you can take off your gross income from those activities before figuring your tax. You'd use a schedule C or C-EZ for that, and the net (bottom line on the C) is what transfers to your 1040 to figure your tax.
2007-01-22 05:23:01 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Gross is the total with out any deductions.Net is the amount after deductions. Net is the total.
2007-01-22 12:36:50 · answer #2 · answered by ruth4526 7 · 1⤊ 0⤋
Gross is all the money you earn before taxes and other deductions. Net is the amount you have left after taxes and other deductions. Taxes are taken based on your Gross income.
2007-01-22 12:35:10 · answer #3 · answered by lj1 7 · 1⤊ 0⤋
gross is the total income - net is what you actually get. Your w-2 will show the gross
2007-01-22 13:06:28 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
Fill out the form like it says. Match your W2 fileds to the IRS form.
Michael
2007-01-22 12:30:03 · answer #5 · answered by PrayerRequestBox 3 · 0⤊ 0⤋