Do I have to file a tax return? What does that even mean?

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Presentation transcript:

Do I have to file a tax return? What does that even mean? Earning Income Do I have to file a tax return? What does that even mean?

What is voluntary compliance? What is a tax return? document filed with state or federal authorities that declares a taxpayers liability for being taxed, based on their yearly income Do you have to file a tax return and pay taxes? citizenship—up to taxpayer to keep records, file a return on time, pay required taxes, and meet other requirements How do most taxpayers pay income taxes? “pay-as-you-go”—W-4 tax withholding What is the advantage of withholding for taxpayers? For the Government? people may find it difficult to save the money government services may not be adequately funded

How do I know how much I earned last year? What is the W-2 form? shows employees gross wages for the year in which taxes must be paid shows taxes withheld—state and federal What is a 1099-INT form? reports amount of interest earned from a bank or other financial institution “unearned income” Both must be used for tax returns

Income and Excluded Income—What is that? What is considered income? Salary or wages (compensation for services) Interest and dividends Capital gains and losses Business income Other (raffle winnings) What is considered exclusions from income? Gifts Inheritances Scholarships (used for tuition, books, fees, etc.)

Which Tax Return Form Should You Use? How Many Types Are There? 1040EZ, 1040A, 1040 W-IZ What is the difference? filing status (married, single, etc.) number of exemptions taxable income sources of income adjustments, deductions, other taxes and credits Which tax return do most high school students use? 1040EZ

Filling Out A 1040EZ The following is Joe Day’s W-2 information. He is single and is claimed as a dependent on his parents’ return. He wants to contribute $3 to the Presidential Election Campaign Fund. Joseph K. Day 615 Poplar Drive, Anytown, OH 45201 SS# 987-00-4321 Super Service Station 702 Main Street, Anytown, OH 45201 Employer ID#: 10-0001233 Fed. income tax withheld: $60 Wages: $4,000 SS Wages: $4,000 Medicare wages and tips: $4,000 SS tax withheld: $280.00 Medicare tax withheld: $64.00

Review Voluntary Compliance? W-4 W-2 and 1099 Which Tax Return Form Should You Use? What are they? What is the difference? What is the easiest one to use?

Assignment Complete tax returns for various individuals