How to File a Single Payment 1040EZ Tax Form

Part of the Video Series How to Complete a 1040EZ Tax Form

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Tax help! Filing a single payment 1040EZ tax form in this free video on tax tips.

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How to File a Single Payment 1040EZ Tax Form
Now we're ready to talk about the "Payments and tax" section on James B. Jones' tax return. He's a single filer, he is living in Austin, working for the John L. Smith Construction Company, and we look at box "2", he's had $3,810 in taxes withheld, so we have that amount on line "7", $3,810. He doesn't qualify for the Earned Income Credit, so that's zero, and we add lines "7" and "8", so line "9" is still $3,810. Now we need to calculate the amount of tax he owes and compare that to the amount of tax he paid. So, to do that, we take his income of $34,720, minus the $8,750, so his taxable income is $25,970, and we go to the tax tables. Now on page 20 of the tax tables, right in the middle you'll see $25,000 and we go to the section "$25,950 to $26,000 and we see that his income is in that bracket and for a single taxpayer, he owes $3,505. So we put that amount on line "10", and then subtract line "10" from line "9", since he's actually paid more than he owes, and put the difference, $305, on line "11".

About the Expert

Expert: Tom Noah has been a Certified Public Accountant (CPA) for over 27 years. Read More