Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES.

Slides:

Advertisements

Similar presentations

Unit 2 Income Taxes.

Advertisements

PASFAA Conference October 31, 2012 Federal Tax Individual Returns Forms 1040/1040EZ/1040A Partnership Returns Form 1065 Corporate Returns Sub-chapter S.

Where did all that money go?.  Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.

TAXES By Stevie VanDeVelde.

0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.

Business Math 2.3 Federal Income Taxes.

Tax Preparation. Federal Income Tax Structure  Federal and State income taxes are progressive tax  The higher your income, the greater percentage is.

Tax Planning and Strategies

Chapter 4 Lecture 2 Tax Planning and Strategies. Calculating Your Taxes Who has to file an income tax return. Who has to file an income tax return. Choosing.

Federal Income Tax. Types of Taxes ___- a charge imposed by the government on people, entities, or on property in order to raise revenue. ___- a charge.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

Take Charge.  Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.

Basic Concept of Taxes Tally all income subject to taxes Reduce the total by: –adjustments –deductions –exemptions Choose the right filing status Claim.

Raising Revenue AKA Fiscal Policies The federal government can’t develop and sustain its programs without revenue –The income the government collects from.

Consumer Taxation. Learning Objectives  Identify the major types of consumer taxation.  Compute gross and net pay.  Complete personal income tax forms.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Based on voluntary compliance  Filing Tax Returns  Must be done.

Managing Your Personal Finances

Chapter 7 Federal Income Tax

Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 4 Using Tax Concepts for Planning.

The “ability to ___ principle” is an accepted principle of tax fairness. Pay.

© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

INCOME TAXES (How much will you keep?)

*2011 IRS forms are displayed in this chapter because 2012 forms were not available at the time of main text publication IRS forms can be obtained.

Pp  Child support  The ability to pay.

Where Did My Paycheck Go?

Chapter 2, Sec. 2-2 Federal Income Taxes.

Government Revenue & Spending Topic 9. What are Taxes? Required payment to local, state, or national gov’t Primary way the gov’t collects money Congress.

FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.

The “How” of Taxes Aim: How do we pay our taxes?.

WAGES AND INCOME TAX ( How much will you keep?). Employment Classifications Full-Time Full access to benefits & better pay Part-Time Fewer hours – benefits.

© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

Tax Terms You Need To Know

© 2008 Thomson South-Western CHAPTER 3 MANAGING YOUR TAXES.

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.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.3Slide 1 2.3Federal Income Taxes Calculate adjusted gross income and taxable income Calculate the income.

Chapter 4 Tax Planning and Strategies Tax Planning and Strategies.

Chapter 6 Understanding Taxes Philosophies of Taxation –Benefits received Citizens who receive benefits of expenditure should help pay the cost Example:

Slippery Road Ahead Advanced Verification Issues Initial Forms Requested  Student’s 2005 federal tax return  Parent’s 2005 federal tax return, if applicable.

Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

HOW MUCH OF YOUR INCOME WILL YOU KEEP? TAXES. PAYROLL TAXES The federal government receives the largest part of its revenue from payroll taxes. Placed.

© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.

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.

Tax Unit Study Guide for YTP 12 Semester 2 Final Exam.

We Need Taxes For….. National Defense Police and fire protection Health services Public Education Water, gas and electric systems Environmental protection…

Taxes and Your Paycheck Career and Financial Management 2.

Chapter 7 Federal Income Tax. Federal Income Taxes 1.Used to pay for government services from national defense to highways and parks 2.Are paid by all.

Lesson EZ Instructions. Round all values To the nearest dollar.

Discuss the purpose of taxes and different types of taxes in the United States. Describe components of the U.S. tax system. Define Tax vocabulary Identify.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

Paying Taxes. Amendment XVI – US Constitution The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without.

Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.

Theme 7: Taxing.

Lesson 3.2 Filing a Tax Return

Chapter 7 Federal Income Tax

7.2(part 1) Notes INCOME TAX.

Personal Finance Day18.

14.2 Federal Taxes.

Taxable Income Unit 3 – Taxes – Day 1 Notes.

Federal Income Taxes Introduction to Taxes Federal Income Taxes

MYPF 7.1 Our Tax System 7.2 Filing Tax Returns

Chapter 7 Review Personal Finance.

Federal Income Taxes Introduction to Taxes Federal Income Taxes

MYPF 7.1 Our Tax System 7.2 Filing Tax Returns

MYPF 3.1 Our Tax System 3.2 Filing a Tax Return

Presentation transcript:

Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES

Twenty Questions

W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A Taxes that take a larger share of income as the amount of income grows. Ex. Income tax

Taxes that take a smaller share of income as the amount of income grows. Ex. sales tax W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

An amount you may subtract from your income for each person who depends on your income to live. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Money, stock or other property that corporations pay to stockholders in return for their investment. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Wages, salary, tips and “other compensation” all add up to this. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Money paid to support a former spouse for the maintenance of a “personal lifestyle”. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Expenses the law allows you to subtract from your adjusted gross income. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

To use this form you must have earned less than $1500 in taxable interest & have no dependents. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

You must use this form if you have earned less than $100,000, have dependents and do not plan to itemize. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

You must use this form if you plan to itemize and/or have earned over $100,000. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Money paid to a former spouse for support of dependent children. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Listing allowable expenses on your tax return. (as opposed to taking the standard deduction) W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

The stated amount that you may deduct from your gross income as opposed to itemizing. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Examples are “single” and “head of household” W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

A form that reports income from dividends, interest, unemployment and/or social security W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

Gross Pay – Deductions= _________________ W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

The part of the national economy that is controlled by the government. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

A form of compensation which is derived from a percentage of sales. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

The part of the national economy that is not under direct government control. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

A form which reports income from wages, tips and/or salary. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A