Income Types

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Select five of the types of income listed from line 7, through line 21 (on form 1040) that interest you. For example, you can select types of income that are most common to you (i.e., wages), sources that you anticipate earning in the future (i.e., dividends or capital gains), or sources that you know nothing about, but intrigue you (i.e., social security benefits).

Utilize your textbook (see Exhibit 4-3) and the Internet to research the five types of income you selected.

Note. The IRS website is especially useful. Wikipedia is not an acceptable source for this course.

Write a 350- to 700-word paper that fully describes and explains the sources of income.

Include the following:

  • Explain how these types of income are actually obtained by a taxpayer.
  • Describe the characteristics of these types of incomes.
  • Explain how the IRS taxes the sources and amounts of these types of income.
  • Evaluate the pros and cons associated with these types of income.
  • Compare these types of income to other types on the 1040 Form.
  • Apply what you’ve learned to your financial security now and in the future.

Format your paper consistent with APA standards. For examples and tutorials to help you write a paper that meets APA standards visit the Center for Writing Excellence. Final score will be impacted for papers not consistent with APA standards.

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