UNDERSTANDING THE FEDERAL INCOME TAX RETURN (1) WHAT SHOULD YOU KNOW ABOUT THE FEDERAL INCOME TAX RETURN? PG 389-390 NAME, TEACHER AND DATE.

Slides:



Advertisements
Similar presentations
Iowa Income Tax Returns Tax information for individuals from the Im a Part-Year Resident Do I Need to File?
Advertisements

Iowa Income Tax Returns Tax information for individuals from the I’m in the Military Do I Need to File?
4/28/2015NJ Training TY Filing Status Pub 17, Chapter 2 Pub 4012, Tab B Module NJ 1.4.
Edition Jim Briggs The Tax Detective © 2011 Jim Briggs.
7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES
Miller/Salzman/Clendenen, Business Mathematics, Eighth Edition © 2000 Addison Wesley Longman, Inc. All rights reserved. Chapter 12 Slide 1 Chapter 12 Taxes.
Chapter 6: Paying Taxes.
Contribute to our retirement savings plan! 1 1.  Do you contribute to our qualified retirement savings plan?  Do you earn up to: ◦ $53,000 (filing jointly)
Good Day This is your 30-Second $ Asset Development $ Training ENJOY Click here to begin.
Chapter 3: Managing Taxes. Objectives Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who.
IRS Data Retrieval Tool Instructions. What is the IRS Data Retrieval Tool? Allows students and parents to access the IRS tax information needed to complete.
Taxation Personal Finance – Ch 9. Types of Tax  Payroll Tax  Sales Tax  Real Estate Tax  Gasoline Tax.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Based on voluntary compliance  Filing Tax Returns  Must be done.
Chapter 12 Planning Your Tax Strategy Section 12.2 Preparing an Income Tax Return.
Chapter 7 Federal Income Tax
Lesson 2 Filing Status and Filing Requirements. Objectives Apply the requirements for each of the five filing statuses Determine who must file Determine.
Futures II Federal Income Taxes Mr. Belolan. Objectives Students will identify which income tax form to use for filing Students will identify which income.
FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.
Types of Taxes Chapter 11.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
What New Business Owners Need to Know About Federal Taxes Student Name(s) Course Name Date Teacher Name 1.
© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO4 Prepare selected payroll tax reports.
Miscellaneous Credits All types of credits discussed in this lesson are nonrefundable credits. A nonrefundable credit can only reduce the tax liability.
Tax Returns 1040 EZ, W-2, W-4. Income Tax Return  Filed every year  To file = fill out form(s) & send to IRS  Reports your income for year & income.
Attention Vets and SSI/SSD Recipients You could be eligible for an Economic Stimulus payment! YOU COULD GET A PAYMENT OF : $300 for individuals $600 if.
Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.
Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household 10%$0 – $8,350 $0 – $16,700.
AC256: Federal Taxation Term 1103A Seminar: Unit 2 August 14, 2011 Emil Koren, CPA, MBA.
How can the U.S. significantly decrease the deficit 1) 2) 3) 4) Taxes Spending.
 The child tax credit is a nonrefundable credit that allows taxpayers to claim a tax credit of up to $1,000 per qualifying child, which reduces their.
Slippery Road Ahead Advanced Verification Issues Initial Forms Requested  Student’s 2005 federal tax return  Parent’s 2005 federal tax return, if applicable.
The W-4 Form The W-4 form tells your employer the withholding rate for your pay. You must claim your filing status: single, married, or married but withhold.
Forms Ordering Procedure 2333V-CA is online at ftb.ca.gov Fill in the form and submit Your order can be sent directly to the Volunteer Coordinator mailbox.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
Injured Spouse Form Injured Spouse Allocation 2 This form is used on jointly filed tax returns when one of the spouses has past-due government.
© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.
© 2010 South-Western, Cengage Learning Chapter © 2010 South-Western, Cengage Learning Federal Income Tax 7.1Our Tax System 7.2Filing Tax Returns 7.
Chapter 14 The Individual Tax Model How to Use the Tax Rate Schedule  Schedule divided into brackets—10%, 15%, 25%, 28%, 33%, 35% and 39.6%  Income.
TAX VOCABULARY. ability to pay - A concept of tax fairness that states that people with different amounts of wealth or different amounts of income should.
Contribute to our 401(k) plan! 1 1.  Do you contribute to our 401(k) plan?  Do you earn up to: ◦ $53,000 (filing jointly) ◦ $39,750 (head of household)
YOUR CREDIT REPORT WHY IS YOUR CREDIT REPORT IMPORTANT? NAME TEACHER DATE PG NAME, TEACHER AND DATE1.
OUR FEDERAL INCOME TAX PLAN TAXES: DAY TAX BRACKETS Marginal Tax Rate [6] [6] Single Married Filing Jointly or Qualified Widow(er) Married Filing.
Aim: Tax Tables, Worksheets & Schedules Course: Math Literacy Do Now: Name some taxes people have to pay. Aim: Who pays taxes? Income tax Sales tax Property.
| (240) | F3EF3E The Foundation for Financial Education A 501(C)(3) NONPROFIT ORGANIZATION A Financial EducationWorkshop.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
DEVRY ACCT 553 W EEK 4 Y OU D ECIDE Check this A+ tutorial guideline at For more classes.
Chapter 7 Federal Income Tax
© 2014 Cengage Learning. All Rights Reserved.
CREATE A POWERPOINT PRESENTATION
Who Must/Should File? IRS Pub 17 – Chapter 1 IRS Pub 501
NJ 1040 Instructions NJ Division of Taxation Website
7.1A Tax Tables, Worksheets, and Schedules
Personal Finance Income Taxes Presented By Mrs. Bowden.
Reporting Withholding And Payroll Taxes
© 2014 Cengage Learning. All Rights Reserved.
7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES
© 2014 Cengage Learning. All Rights Reserved.
Determine Your Tax Filing Status
EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD
Income-Based Exemptions from the Individual Mandate
Filing Status Married, Single, and More
Filing Basics New Jersey Slides Tax Year 2018
Personal Income Tax Returns
Lesson 13-3 Other End-of-Fiscal-Period Work
Filing Status
© 2014 Cengage Learning. All Rights Reserved.
Income-related monthly adjustment amount Total monthly premium amount
© 2014 Cengage Learning. All Rights Reserved.
Thing / Person:____________________ Dates:_________________
COMPLETING THE FEDERAL INCOME TAX RETURN (4)
Presentation transcript:

UNDERSTANDING THE FEDERAL INCOME TAX RETURN (1) WHAT SHOULD YOU KNOW ABOUT THE FEDERAL INCOME TAX RETURN? PG NAME, TEACHER AND DATE

BASIC INFORMATION YOU HAVE TO CONSIDER NAME, TEACHER AND DATE

WHO MUST FILE SINGLE NAME, TEACHER AND DATE

WHO MUST FILE MARRIED-A JOINT RETURN NAME, TEACHER AND DATE

WHO MUST FILE MARRIED-SEPARATE RETURN NAME, TEACHER AND DATE

WHO MUST FILE HEAD OF HOUSEHOLD NAME, TEACHER AND DATE

WHO MUST FILE QUALIFYING WIDOW OR WIDOWER NAME, TEACHER AND DATE