Futures II Federal Income Taxes Mr. Belolan. Objectives Students will identify which income tax form to use for filing Students will identify which income.

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Presentation transcript:

Futures II Federal Income Taxes Mr. Belolan

Objectives Students will identify which income tax form to use for filing Students will identify which income tax form to use for filing Students will identify several advantages/disadvantages to using online tax forms Students will identify several advantages/disadvantages to using online tax forms Students will correctly calculate a 1040EZ tax form Students will correctly calculate a 1040EZ tax form

How Do I File My Taxes? 3 Options to File: 3 Options to File: 1) Complete your own taxes 1) Free 1040EZ forms online 2) 24/7 3) 2) Use a volunteer 1) VITA (low income help) 2) TCE (tax counseling for elderly 60) 1) Must be 60+ 3) Use a tax professional (65%) 1) CPA – Certified Public Accountant

When Do I File? April 15 th April 15 th Employers are required to send you your W-2 (yearly earnings) by January 31 st Employers are required to send you your W-2 (yearly earnings) by January 31 st

Your Filing Status 1. Individual 2. Married Filing Jointly 3. Married Filing Separately 4. Head of Household 5. Qualifying Widow(er) 1. Which am I? Which am I? Which am I?

What is e-File? Electronic Tax Filing (1986) Electronic Tax Filing (1986) Can be used with whatever method you choose (on your own, volunteer, tax professional) Can be used with whatever method you choose (on your own, volunteer, tax professional) Faster refund (direct deposit 10 days) Faster refund (direct deposit 10 days) Saves time, energy, wasted paper Saves time, energy, wasted paper 500,000,000 have already e-filed 500,000,000 have already e-filed

My Taxes What factors contribute to the amount of tax you pay? What factors contribute to the amount of tax you pay? 1. Earnings 2. Marital Status 3. Exemptions

Alternatives? 1. Flat Tax Everyone in USA pays the same Everyone in USA pays the same 2. National Sales Tax Every state collects the same tax on good and services Every state collects the same tax on good and services

Concept Review What are the 3 ways to complete your income taxes? What are the 3 ways to complete your income taxes? What are 3 factors that determine the amount of tax you pay? What are 3 factors that determine the amount of tax you pay? Explain 3 advantages to e-Filing Explain 3 advantages to e-Filing

Class Activity Workbooks Workbooks Problem 1 Problem 1 Work in pairs Work in pairs 10 Minutes 10 Minutes