Taxation Personal Finance – Ch 9

Types of Tax Payroll Tax Sales Tax Real Estate Tax Gasoline Tax

Payroll Taxes Tax Deductions Voluntary Deductions Federal State Local/City FICA Voluntary Deductions Health Care Retirement Union Dues Tithing/Charitable Contributions

1040 Form PDF of 1040 form http://www.irs.gov/pub/irs-pdf/f1040.pdf

Tax Forms W-4 I-9 W-2 1040 1040EZ

W4 W-4 Withholding allowances Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes. PDF of W-4 http://www.irs.gov/pub/irs-pdf/fw4.pdf

W4 Line 5 is where you write your withholding allowances. Usually a number between 0 and 7. Less chance of tax return. Greater chance of tax return. Lower # = more $ withheld Higher # = less $ withheld

I9 I-9: Employment Eligibility Verification Form INS – IRS form Original identification No exceptions

I-9 The purpose of this form is to document that each new employee (both citizen and noncitizen) hired after November 6, 1986,is authorized to work in the United States. PDF of I-9 http://www.uscis.gov/files/form/i-9.pdf

W-2 W-2: Wage and Tax statement All earnings and taxation from an employer listed PDF W2 http://www.irs.gov/pub/irs-pdf/fw2.pdf

1040 EZ 1040EZ < $50,000 income < $400 interest PDF of 1040 EZ form http://www.irs.gov/pub/irs-pdf/f1040ez.pdf

Filing Taxes Filing Status Deductions Exemptions Credits Single Married, Joint File Married, Individual File Head of Household Widow/Widower w/ dependent child Deductions Standard Itemized Exemptions Dependents HSA & IRAs Credits

Tax Rate Tax Bracket Marginal Rate Effective Tax Rate