Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC

Slides:



Advertisements
Similar presentations
Chapter 4: Managing Taxes. Objectives Describe the two ways of paying taxes: payroll withholding and estimated taxes. Identify the three steps involved.
Advertisements

Interest & Dividends Pub 17, Chapter 7 & 8 Pub 4012, Tab D and Tab 2 LEVEL 1,2 TOPIC B Income - Interest and Dividends v1.0 VO.ppt 11/30/20101NJ.
PASFAA Conference October 31, 2012 Federal Tax Individual Returns Forms 1040/1040EZ/1040A Partnership Returns Form 1065 Corporate Returns Sub-chapter S.
DIFFERENCES BETWEEN FEDERAL AND NEW JERSEY TAX LAW.
Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.
INCOME Wages and Alimony. Income - Definition Gross income is all income received in the form of money, goods, property, and services that is not exempt.
Objectives Federal income tax withheld from Forms W-2, Wage and Tax Statement Federal income tax withheld from Forms 1099 Estimated tax payments and amounts.
Retirement Income Form 1040 Lines Pub 4012 Tab 2
Social Security/Railroad Retirement Benefits
Income 1. Intake and interview 2 Form Intake and Interview Line ItemFormCertificationForm 1040 Line to Report Income 1. Wages and SalaryW2BasicWages,
2-2 Unearned income and payment
Itemized Deductions Pub 17, Chapter 21 through 29 Pub 4012, Tab 4 LEVEL 2 TOPIC Itemized Deductions v1.0 VO.ppt 11/30/20101NJ Training TY2010 v1.0.
Standard Deductions & Exemptions Schedule A Pub 17 Chapter 20 Pub 4012 Tab F and Tab 4 LEVEL 2 TOPIC Standard Deduction and Tax Computation v0.8.
Other Taxes Form 1040 Lines Pub 4012 Tabs 2, 6 Pub 17 Chapters 30, 36 LEVEL 2 TOPIC Other Taxes v1.0 VO.ppt 11/30/20101NJ Training TY2010.
Tax LawMore TaxTax WiseSitesPotpourri.
TAX-AIDE Tax Law Basics. TAX-AIDE Income Overview ● Taxable income versus nontaxable income (including excluded income) ● Earned income versus unearned.
Earned Income Credit …a refundable credit to low income TP for earning income rather than dependence on social programs Pub 17 Chapter 36 Pub 4012 Tab.
Final NJ Training TY Earned Income Credit …a refundable credit to low income TP for earning income rather than dependence on social programs.
Other Income – 1040 Line 21 Form 1040 Line 21 Pub 4012 Tab D Pub 17 Chapter 12 LEVEL 2 TOPIC Income - Other Income v1.0 VO.ppt 11/30/20101NJ Training.
Employee Compensation Pub 4012, Tab D Pub 17 (Federal 1040-Line 7) (NJ 1040-Line 14) NJ TAX TY2014 v11.
Income Overview Pub 4012, Tab D Pub 17, Part Two NJ TAX TY2014 v11.
Final NJ Training TY Itemized Deductions Pub 17, Chapter 21 through 29 Pub 4012, Tab 4 Module NJ 1.20.
Other Income Pub 17 Chapter 12 Pub 4012 Tab D (Federal 1040-Line 21) (NJ 1040 –Lines 23 & 25) NJ TAX TY2014 v11.
Tax Law Basics Pub 4012 The basics as presented in these slides apply to the federal return Instructors might wish to highlight differences for state tax.
Income - Business Form 1040, Line 12 Pub 4012, Tab 2 LEVEL 3 TOPIC Income - Business v0.8 VO.ppt 11/19/20101DRAFT NJ Training TY2010 v0.8.
Miscellaneous Credits Form 1040 Lines 50, 52, 53 Pub 4012 Tabs G, 5 LEVEL 2 TOPIC Miscellaneous Credits 0.8 VO.ppt 11/19/20101DRAFT NJ Training.
TAX-AIDE Payments Pub 4012 Tab H Pub 4491 – Part 7 – Lesson 29.
Unemployment Compensation Form 1040 Line 19 Pub 17 Chapter 12 Pub 4012 Tab D LEVEL 1 TOPIC Income - Unemployment Compensation v0.8 VO.ppt 11/19/20101DRAFT.
WHERE DOES YOUR MONEY COME FROM?. FORMS OF INCOME Earned Income Money you earn while working Subject to taxes Several different forms Depends on your.
Chapter 3 Gross Income: Inclusions. Learning Objectives Explain the difference between economic, accounting, and tax concepts of income Explain the principles.
Social Security & RR Retirement Tier 1 (Blue Form) Form 1040 Line 20 Pub 4012 Tab 2 Pub 17 Chapter 11 LEVEL 1, 2 TOPIC Income - Social Security.
Unemployment Compensation Form 1040 Line 19 Pub 17 Chapter 12 Pub 4012 Tab D LEVEL 1 TOPIC Income - Unemployment Compensation v1.0 VO.ppt 11/30/20101NJ.
Filing Basics Pub 4012 Tabs A, 1, 14 Pub 17 Intro, Chapter 1 LEVEL 2 TOPIC Filing Basics v1.0 VO.ppt 11/30/20101NJ Training TY2010 v1.0.
Chapter 2 Gross Income & Exclusions Income Tax Fundamentals 2009 edition Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2009 Cengage Learning.
Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 11/30/2010NJ Training TY2010 v1.01 LEVEL 2 TOPIC A Income - Wages v1.0 VO.ppt.
Who Must/Should File? IRS Pub 17 – Chapter 1 IRS Pub 501
Tax Payments Form 1040 Lines Pub 4012 Tabs H, 6
Adjustments To Income Pub 17 Chapter Pub 4012 Tab 3
Chapter 2 Income Sources
Tax Payments Made & Credits
Employee Compensation
Notes/Handouts Pub 17, Chapter 7 & 8 Pub 4012, Tab D and Tab 2
Where does your money come from?
Chapter 2 Income Sources
Who Must/Should File? IRS Pub 17 – Chapter 1 IRS Pub 501
Notes/Handouts Form 1040 Line 21 Pub 4012 Tab D Pub 17 Chapter 12
Understanding W-2 Box 1 – Federally taxable wages, tips and other compensation (line 7 on 1040) Box 2 – Federal income tax withheld (line 64 on 1040) Box.
Payments Spring 2018, lamc.
Income – wages, interest, etc.
Federal Income Taxes Introduction to Taxes Federal Income Taxes
Where does your money come from?
Income Unemployment Income Social Security Benefits Other Income
Taxable and Non Taxable Income
Payments Pub 4012 Tab H Pub 4491 – Lesson 28.
Completing Property Tax Reimbursement (PTR) Application
Personal Income Tax Returns
Notes/Handouts Form 1040 Line 21 Pub 4012 Tab D Pub 17 Chapter 12
State Income Tax Refund & Alimony
Notes/Handouts Form 1040X Pub 4012 Tab 14
Where does your money come from?
Notes/Handouts Pub 17 Chapter 35 Pub 4012 Tab H
New Jersey Return E-filing
Notes/Handouts Pub 17, Chapter 21 through 29 Pub 4012, Tab 4
Chapter 2 Income Sources
Special Credit for Certain Government Retirees
Tax Payments Form 1040 Lines Pub 4012 Tabs H, 6
Notes/Handouts Form 1040 Line 47 Pub 4012 Tab 5
Adjustments To Income Form 1040 Lines Pub 4012 Tabs E, 3
Federal Income Taxes Introduction to Taxes Federal Income Taxes
Gross Income: Inclusions
Presentation transcript:

Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC 4491-08-A Income - Wages v0.8 VO.ppt Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC 11/19/2010 DRAFT NJ Training TY2010 v0.8

Income Overview Distinguish between taxable and nontaxable income Notes/Handouts 1/13/2019 Income Overview Distinguish between taxable and nontaxable income Know where to report different types of income Complete necessary forms Losses may be allowable on Federal but not on State WE WILL LOOK AT SEVERAL VARIETIES OF DISTINCTIONS 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008 2

Income Categories Earned Income Self Employment Income Notes/Handouts 1/13/2019 Income Categories Earned Income Self Employment Income Investment Income Retirement Income Miscellaneous Income 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Taxable Income Wages, bonuses, tips, certain scholarships Notes/Handouts 1/13/2019 Taxable Income Wages, bonuses, tips, certain scholarships Interest, dividends Business, hobby income Capital gains (stocks, property) Pensions, annuities, IRAs Rents, royalties Unemployment Compensation Social Security Benefits (part maybe) Gambling winnings State Income and Property Tax Refunds (Maybe) 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Nontaxable Income Child support Federal income tax refund Notes/Handouts 1/13/2019 Nontaxable Income Child support Federal income tax refund Gifts, bequests, inheritances Interest on State/Local Government bonds Interest on Series EE and used for education Veteran’s disability, interest on VA dividend Worker’s compensation Qualified scholarships, fellowships Supplemental Security Income (SSI) 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Employee Compensation Notes/Handouts 1/13/2019 Employee Compensation Wages, salaries, tips, severance pay, bonuses, and commissions Cash, goods and services, awards, and taxable benefits Pre-Retirement disability payments Employee compensation usually reported on Form W-2, Wage and Tax Statement All taxable even if not reported on W-2 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Tips Tips must be reported as Income Usually reported on W-2 in either Notes/Handouts 1/13/2019 Tips Tips must be reported as Income Usually reported on W-2 in either Box 1 – Wages Box 7 – Social Security Tips Box 8 – Allocated Tips Unreported tips – use Form 4137 Refer to Pub 17, Chapter 6 and Pub 4012, Tab 2 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Scholarships And Fellowships Notes/Handouts 1/13/2019 Scholarships And Fellowships Amounts received for tuition, fees and books are not taxable Amounts received for room, board & travel are taxable and reported on line 7, wages on 1040 form If no W-2, enter data on a 1040 Income Worksheet #1 in TaxWise 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

OTHER LINE 7 INCOME Household employee income not on W-2 Enter on TW 1040 Wkt 1 Taxpayer (TP) under retirement age but on disability (1099-R, Box 7, Code 3) In TW, on red line below Box 7, check that it is “disability and TP is disabled” 11/19/2010 DRAFT NJ Training TY2010 v0.8

Form W-2 1040, line 7 1040, line 7 1040, line 61 Form 2441,line 12 Notes/Handouts 1/13/2019 Form W-2 1040, line 7 1040, line 7 1040, line 61 Form 2441,line 12 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com. Inc. All rights reserved.