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Indian River State College 20152016 Estimated Income Worksheet Office of Financial Aid 3209 Virginia Avenue Fort Pierce, FL 34981 STUDENT NAME: (772) 4627450 IRS STUDENT ID: HOME NUMBER: WORK NUMBER:
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How to fill out 20152016 estimated income worksheet
How to fill out 20152016 estimated income worksheet:
01
Gather all necessary financial documents, such as W-2 forms, 1099 forms, and any other income statements for the year 20152016.
02
Begin by filling out your personal information at the top of the worksheet, including your name, social security number, and filing status.
03
Move on to the income section of the worksheet. List all sources of income for the year 20152016, such as wages, salaries, rental income, dividends, and interest. Make sure to include the total amount for each source of income.
04
Deduct any adjustments to income, such as contributions to retirement accounts or student loan interest. These deductions can help lower your taxable income.
05
Calculate your adjusted gross income by subtracting the adjustments from your total income. This will be used to determine your tax liability.
06
Fill out the deductions and exemptions section of the worksheet. List any deductions you qualify for, such as mortgage interest or medical expenses.
07
Subtract your deductions from your adjusted gross income to calculate your taxable income.
08
Use the tax rates provided on the worksheet to determine your tax liability based on your taxable income.
09
Take into account any tax credits or payments you have already made throughout the year, such as withholding from your paycheck or estimated tax payments.
10
Calculate your total tax due or refund by subtracting your tax credits and payments from your tax liability.
11
Finally, review the worksheet to ensure all calculations are accurate and complete.
Who needs 20152016 estimated income worksheet?
01
Individuals who are self-employed and need to estimate their quarterly tax payments for the year 20152016.
02
Individuals who have income from multiple sources and need to calculate their annual tax liability.
03
Individuals who want to have a better understanding of their financial situation and plan for potential tax obligations.
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