Using
Proposed Form "540-Simple" is as easy as one, two,
three
If
your income is no more than $50,000 single or $100,000 married
filing jointly and consists only of wages, interest, dividends,
IRA distributions, and pensions, you would have the option of
filing your taxes on a simple one-page tax form.
1.
Add up how much money you earn
This
information can be gathered from sources such as your Federal
Forms W2 and 1099. No need to keep detailed financial records;
your employer is already tracking this information for
you. Simple
2.
Subtract the standard deduction
The
Standard Deduction is $7020 for a single filer and $14,040 for
married couples. Simple
3.
Multiply the adjusted amount by 0.025
This
is the tax you owe. It's that Simple
