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Office of Financial Aid 1570 Baltimore Pike Lincoln University, PA 193520999 8005612606 phone 4843658198 fax financialaid@lincoln.edu20232024 INDEPENDENT Verification Worksheet Verification Group

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What is your federal tax?

Your federal tax is the tax imposed by the federal government on individuals and corporations based on income earned, which contributes to funding government services and operations.

Who is required to file your federal tax?

Individuals who earn above a certain income threshold, self-employed individuals, and businesses are generally required to file federal tax returns.

How to fill out your federal tax?

To fill out your federal tax, gather necessary financial documents, select the appropriate forms (like 1040), complete the forms with your income and deductions, and submit them to the IRS either electronically or by mail.

What is the purpose of your federal tax?

The purpose of your federal tax is to generate revenue for the federal government to fund public services, infrastructure, and social programs.

What information must be reported on your federal tax?

You must report your total income, various deductions, credits, and any additional taxes owed or refunds based on your calculation.

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