Will Form 1120 C Taxpayer 2023-2024

Doing your taxes for the first time as a young adult can be daunting. I know this because the first time I did mine, I made my dad sit next to me the entire time. I was filling out all of my forms, so I think one of the reasons it is so daunting is that there's a lot of jargon. I wanted to ask you, tax girl, about some of this jargon. So, to start, what is a w-2? A w-2 is the most simple form that you're probably going to receive. The w-2 is the form that your employer would send to you. On that form, you're going to find all of your gross wages, which is how much you should have gotten before Uncle Sam took anything out of it. So, your gross wages. You're going to see any taxes that were withheld for federal, state, and local (if applicable). And, this year more than ever, you're going to be aware of 12, which is going to report your healthcare benefits that were paid on your behalf, if you had any. What is a 1099 in contrast? That 1099 is going to be a form that's issued to you when you received money for working but not from an employer. So, not a regular gig but maybe if you're a freelancer, if you provide services for different kinds of companies. The 1099 tells you more or less the same information as the w-2, with one glaring exception. You're not going to see any federal taxes withheld because there's no withholding requirement when you work as an independent contractor. So, that's why you're going to notice that your tax bill is a little higher if you're a 1099 taxpayer, as opposed to being simply a w-2 employee. Another form that I've...