Warmup What is the take-home pay each month?

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Presentation transcript:

Warmup What is the take-home pay each month? Assume that this is a monthly pay stub and that salary and deductions remain the same throughout the calendar year. What is the take-home pay each month? What percent of her gross pay is the total deductions and adjustments?

Banking Complete form 1040EZ. Complete form 1040A. 5/14/2019 7-4 FORMS 1040 EZ AND 1040A OBJECTIVES Complete form 1040EZ. Complete form 1040A. Chapter 1

Key Terms Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction

Example 1 Elizabeth Allison is a food editor for a magazine. She has received a W-2 form from her employer and a 1099 form from her savings bank. What is Elizabeth’s taxable income for the year if she files as a single taxpayer?

CHECK YOUR UNDERSTANDING How would Elizabeth’s tax form differ if she were married but her husband had no income?

Example 2 Using the tax tables in the textbook, what is Elizabeth’s tax if she was single? What is the tax if Elizabeth is filing married, joint?

EXAMPLE 3 Does Elizabeth get a refund or owe the government money? In either case, determine that amount. a) If she was filing single? b) If she was filing jointly?

CHECK YOUR UNDERSTANDING Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Does he get a refund or owe money? In either case, what is the amount?

Form 1040A

EXAMPLE 4 How many exemptions can Mr. and Mrs. Omar claim if they have 2 children and are filing jointly? What are the 2 reasons that the Omars cannot use Form 1040EZ?

EXAMPLE 5 Determine the Omars’ adjusted gross income. They received $987 interest on bank deposits and $1,200 in stock dividends.

CHECK YOUR UNDERSTANDING Lisa and Bob Zee have a combined income from salaries of $87,980. They received 1099 forms for $1,100 in interest from their bank and $1,300 in stock dividends. They have a total of $4,000 in adjustments to their gross income. Determine their adjusted gross income.

Determine the Omars tax for the year. EXAMPLE 6 Determine the Omars tax for the year. Do the Omars get a refund or owe the government money? In either case, determine that amount.