Form 1040EZ Personal Finance.

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Presentation transcript:

Form 1040EZ Personal Finance

Wages, Tips, Other Compensation Go to box 1 of W-2 (wages, tips other compensation) Write this amount in line 1 of 1040EZ Go to line 5 of the 1040EZ and write in $8,950, which is the personal exemption Subtract the personal exemption from wages, tips and other compensation and put this amount in line 6

Federal Income Tax Withheld Go to box 2 of the W-2 form (federal income tax withheld) Write this amount in line 7 of the 1040EZ Go to line 10 of the 1040EZ and write the same amount as in line 7

Tax Owed Go to the Federal Tax Table for Form 1040EZ Use the amount shown on line 6 of the 1040EZ to find the tax owed on that amount for a single person Enter the amount from the tax table on line 11 of the 1040EZ form

Refund or Amount You Owe? If the amount in line 10 is larger than the amount in line 11, subtract line 11 from 10 and write the amount in line 12a This is the refund amount If the amount in line 11 is larger than the amount in line 10, subtract line 10 from 11 and write the amount in line 13 This is the amount owed