Canada T4 Summary 2023-2024 free printable template

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Hi this is John with PDF tax this here is our first look at form 1040 for 2018 it's a new form a new tax law it is the draft copy that was released on June 29th, so it still has the watermark on it as you can see you might recall that President Trump had promised to reduce the form 1040 to the size of a postcard and so this is it a lot different from what has been in prior years, but it does have a second page to it which is right here still though a lot smaller than 1040 was in prior years so what the IRS has done is they have created six new schedules to capture the information that used to be on the 1040 Schedule one as additional income and adjustments schedule two is tax Schedule three is non-refundable credits schedule four is other taxes schedule five other payments and refundable credits and schedule six foreign address and third party designee now if you take a closer look at the form 1040 here one of the first things you're probably going to notice that right here is that there's only three filing statuses last year there was five the tax law has changed of course, but that part has not changed there's still five filing statuses, so you have to wonder if you're single or if you're married filing joint how do you tell the IRS or how do you indicate on this form that that's the case well we won't know for sure until the instructions for this form come out, but I'm pretty sure that the way it's gonna work is this if you enter your name and social here just one name and one social the IRS is going to assume that you're single unless you check one of these boxes and likewise if you enter two names and two socials the IRS will assume that you're married filing joint unless you and check one of these two but these three boxes, so I'm pretty sure that's the way that is going to work let's go ahead and enter some information on this form so that we can get an idea of how it is going to work this year, so I'm going to enter a single taxpayer, so I'm just going to enter one name and one social, and I'm not going to check any of those boxes up there, but I am going to enter a'm going to enter a dependent here and her social is going to be this she is his daughter and let's say that she qualifies for the child tax credit, so we'll check that box and if we scroll down a little here, and we'll add some wages of let's say 50000 and interest income of 1100 and then scroll down a little further, and we're going to say that he has business income on line 12 here of 2000 like that and if he has business income he's going to have self-employment tax so what's in turn 40 here so 2000 – 140 is 18Anandnd it says here that that should go to Line six so let's see if it did and there it is on line six so right now we have taxable income on line 1050 to 960, but it looks like I forgot to put in the standard deduction which goes on line eight that this year for a single person as you can see over here single 12000 that's nearly double what it was last year which...