Aim: Forms 1040EZ & 1040A Course: Math Literacy Do Now: What does IRS stand for? Aim: How do taxpayers report their income to the government?

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Presentation transcript:

Aim: Forms 1040EZ & 1040A Course: Math Literacy Do Now: What does IRS stand for? Aim: How do taxpayers report their income to the government?

Aim: Forms 1040EZ & 1040A Course: Math Literacy Income Tax Forms Form 1040EZ your filing status must be single or married filing jointly only You have not dependents, other than your self and your spouse to claim. Your taxable income is less that $100,000. Your income is only from wages, salaries, tips, taxable scholarships, fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends. Your taxable interest is not over $1500.

Aim: Forms 1040EZ & 1040A Course: Math Literacy Income 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 she files as a single taxpayer?

Aim: Forms 1040EZ & 1040A Course: Math Literacy 1040EZ How would Elizabeth’s tax form above differ is she were married, filing a joint return, assuming that her spouse had no income to report?

Aim: Forms 1040EZ & 1040A Course: Math Literacy Tax on Income What is Elizabeth’s tax? Through her employer withholding, Elizabeth has already paid $15,884 in federal taxes. She must use the table to determine if she owes more tax or if she’s due a refund. If Elizabeth were married and filing a joint return, with the same income, what would be the result? Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Owe or refund? How much?

Aim: Forms 1040EZ & 1040A Course: Math Literacy Income Tax Forms Form 1040A your filing status must be single or married filing jointly only Your taxable income is less that $100,000. Your income is only from wages, salaries, tips, taxable scholarships, fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends. Your taxable interest is not over $1500. Dependents Don’t Itemize deductions Exemptions – an allowable amount that reduces the taxable income.

Aim: Forms 1040EZ & 1040A Course: Math Literacy Kenya & Robin Kenya and Robin Omar are married with one child, Kenya is a pharmacist and Robin is a store manager.

Aim: Forms 1040EZ & 1040A Course: Math Literacy 1040A Kenya and Robin Omar are married with one child, Kenya is a pharmacist and Robin is a store manager. How many exemptions can they claim?3 Jack and Janine Jones are married and filing a joint 1040A. They have x dependent children and are sole supporters of y dependent adults. Write and algebraic expression for the number of exemptions they will claim. x + y + 2

Aim: Forms 1040EZ & 1040A Course: Math Literacy Kenya & Robin’s 1040A Do they owe or are they due a refund? Lisa and Bob Zee have a combined income from salaries of $87,980. They received 1099 forms for $1,100 in interest and $1,300 in stock dividends. They have a total of $4,000 in adjustments to their gross income. Determine their adjusted gross income. $86,380

Aim: Forms 1040EZ & 1040A Course: Math Literacy Kenya & Robin’s 1040A Raul and Hannah have an adjusted gross income of A dollars. They are married and filing a joint return. They reported a total of E exemptions on their form and have no further deductions. Write an algebraic expression for their taxable income. A – $10,900 – 2E

Aim: Forms 1040EZ & 1040A Course: Math Literacy Kenya & Robin’s 1040A Suppose Kenya had an additional $50 withheld from each of his biweekly paychecks. Would they still owe or would they then get a refund?

Aim: Forms 1040EZ & 1040A Course: Math Literacy The Product Rule