Tax Timeline. When you first get hired… You fill out a what? – W-4 (Personal Allowances) – 4 first Why? – To help your employer figure the correct amount.

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Presentation transcript:

Tax Timeline

When you first get hired… You fill out a what? – W-4 (Personal Allowances) – 4 first Why? – To help your employer figure the correct amount to be withheld from your paycheck for taxes

While you’re working… Each pay period a portion of your income is withheld for paying taxes (ie. Withholding) You pay small installments throughout the year, instead of having to pay a large lump sum at tax time Example: It is in your best interest that these estimated payments throughout the year are close to the actual amount figured at tax time

At the beginning of the new year… You get a what? – W-2 (Wage and Tax Statement) From who? – Your employer gives 2 you Why? – To help you file your income tax return

Tax Season… Once you have all forms: – W-2s (from each employer) – 1099s (savings interest, investment earnings…) It’s time to file your tax return! – Form used: 1030EZ – This will calculate the exact amount you owe for income taxes – If you paid too much throughout the year = refund – If you didn’t pay enough = you owe the IRS Due by? – April 15