Tax Returns 1040 EZ, W-2, W-4. Income Tax Return  Filed every year  To file = fill out form(s) & send to IRS  Reports your income for year & income.

Slides:

Advertisements

Similar presentations

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Advertisements

Chapter 6: Paying Taxes.

Chapter 8 Income and Taxes.

Taxes & Spending Payroll Deductions 4.01 – Explain taxes on income.

Where did all that money go?.  Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.

FEDERAL INCOME TAXES Social Security - FICA Federal Withholding Tax (social security/medicare) W4 W2.

TAXES By Stevie VanDeVelde.

0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.

Lesson 12 Paying Your Taxes

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

8.3 Paying Income Taxes  2 income tax responsibilities:  Complete a w-4 when you start a job.  File a tax return at least once a year and pay any additional.

Wake Forest University Center for Int’l Studies Winston-Salem, NC.

Individual Taxation and 1040 Preparation. 2 “In this world nothing is guaranteed but death and taxes”—Benjamin Franklin.

Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.

Taxes for Teens Using the IRS “1040EZ” Form.

Tax Preparation. Federal Income Tax Structure  Federal and State income taxes are progressive tax  The higher your income, the greater percentage is.

Paying/Filing Income Tax. Two Things You Must Do In Life Die and pay taxes Tax system relies on voluntary compliance IRS (Internal Revenue Service)

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

New York State Department of Taxation and Finance Spring 2011.

Take Charge.  Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.

5.2 File a Tax Return.  Tax Return  Form W-2  Form 1099-INT  Form 1040EZ  Dependent  Deduction  Social Security Number  Taxable income.

5.2. What’s a tax return?  Simply put, this is a set of forms to help you calculate your tax obligation. Note: Not everyone must file a tax return. If.

Federal Income Taxes Information You Should Know.

CREDITS: DEPENDENT CARE, CTC, ETC. NON-REFUNDABLE CREDITS  Non-refundable credits reduce the amount of tax owed.  If no tax is owed, or if the credit.

VITA: 01/17/09 Lesson 26: Child Tax Credit Winter 2008 Kristina Shroyer.

Earned Income Credit (EIC) Objectives: – Determine if a taxpayer is eligible for the EIC. – Calculate the EIC. Lesson: – Explain the meaning of "refundable.

Copyright © 2015 by the McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Based on voluntary compliance  Filing Tax Returns  Must be done.

Chapter 12 Planning Your Tax Strategy Section 12.2 Preparing an Income Tax Return.

Pp  Child support  The ability to pay.

Paying Taxes © 2010 Pearson Education, Inc. All rights reserved Chapter 6.

Unit 1 “Income Taxes and Filing a Tax Return”

FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.

Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.

Level 3, 4, 5 Returns O Scholarships O 1099-MISC O SSA-1099.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

Tax Terms You Need To Know

©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 2 Expanded Tax Formula, Forms 1040A and 1040 and Basic Concepts “Taxes: Of life's two certainties,

Tax Unit ObjectiveTax Unit Objective: Learn how the government taxes the US worker, what types of taxes there are and how to fill out a tax form Targets:

Ch. 9.2 Forms and More Forms: 1040EZ and 1040A Objectives 1.To be able to choose the right form for each situation 2.Be able to fill out a form.

Tax Unit: Module 7 East Jackson High School Consumer Math Class.

Money Management Federal Income Tax Chapter Seven Notes ____________________________ are collected from the citizens and businesses. The money collected.

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

 The Earned Income Credit (EIC) is a refundable tax credit available to eligible taxpayers who do not earn high incomes.  The purpose of the EIC is.

Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.3Slide 1 2.3Federal Income Taxes Calculate adjusted gross income and taxable income Calculate the income.

8.3 Paying Income taxes “It’s death and taxes here to see you. Taxes wants to come in first.”

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household 10%$0 – $8,350 $0 – $16,700.

Taxes. The Federal Government Dollar – Where it Comes From.

 The child tax credit is a nonrefundable credit that allows taxpayers to claim a tax credit of up to $1,000 per qualifying child, which reduces their.

The W-4 Form The W-4 form tells your employer the withholding rate for your pay. You must claim your filing status: single, married, or married but withhold.

Paying Taxes Chapter 6.

Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.

Forms Ordering Procedure 2333V-CA is online at ftb.ca.gov Fill in the form and submit Your order can be sent directly to the Volunteer Coordinator mailbox.

Completing a Form 1040 EZ.  Tax return: set of forms that taxpayers use to calculate their tax obligations ◦ If tax return shows that your withholding.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

HOW MUCH OF YOUR INCOME WILL YOU KEEP? TAXES. PAYROLL TAXES The federal government receives the largest part of its revenue from payroll taxes. Placed.

Accounting Jeopardy FormsTrue/FalseTax TableMake a ChoiceFind What?

© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.

Write This Down Tax Returns Who has to file tax return by 4/15/2014? FederalState Only if you made more than certain amount in 2013 Living w/ parents Single,

TAX VOCABULARY. ability to pay - A concept of tax fairness that states that people with different amounts of wealth or different amounts of income should.

Discuss the purpose of taxes and different types of taxes in the United States. Describe components of the U.S. tax system. Define Tax vocabulary Identify.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

6/13/2016NJ Training TY Who Must/Should File? Pub 17 – Chapter 1 Pub 4012 – Tab A Module NJ 1.3.

Taxes & Spending Payroll Deductions 4.01 B – Explain taxes on income.

Lesson 3.2 Filing a Tax Return

Chapter 7 Federal Income Tax

Personal Finance Federal Taxes.

Personal Income Tax Returns

Tax Returns Who has to file tax return by 4/15/2014? Federal State

Presentation transcript:

Tax Returns 1040 EZ, W-2, W-4

Income Tax Return  Filed every year  To file = fill out form(s) & send to IRS  Reports your income for year & income tax you owe/refunded  Must be filed by April 15 each year  Without extension being granted, not filing or filing late = FINES  Purpose of return is to calculate your tax liability  Tax liability – amount of tax you owe  W-4 helps employer calculate tax liability

W-2  Getting completed W-2 is 1 st step of filing return  Shows earnings for year  Also shows amount employer withheld  Employer must have W-2 ready by Jan. 31 st  Received by mail or picked up

Filing Statuses  Single  Married Filing Jointly  Married Filing Separately  Head of Household  Qualifying Widow(er) with Dependent Child

Do I have to file? Filing StatusAge at December 31, 2014Gross Income Single Under 65$10, or older$11,700 Married Filing Jointly Under 65 (both)$20, or older (both)$22,700 Under 65 (one)$21,500 Married Filing SeparatelyAny$6,200 Head of Household Under 65$13, or older$14,600 Qualifying Widow(er) Under 65$16, or older$17,300

Tax Forms  1040EZ – simplest tax form to file  Can cost you  1040A – slightly more complex, but still simpler than 1040  1040 – most complex to file 

1040EZ  Requirements  Single or married filing jointly  No dependents  Taxable Income is less than $100,000  Taxable Interest under $1500  If claiming tax credit, only claim Earned Income Credit (EIC)  Claim no adjustments to income

Reportable Items 1040EZ  Wages, tips, other compensation  Taken from W-2  Unemployment Compensation  1099-G  Interest Income, Interest on US Savings Bonds  1099-INT  Social Security Benefits, Railroad Retirement Benefits  Earned Income Credit (EIC)

Earned Income Credit  Benefits working people with low to moderate income  Credit means more money in your pocket  Reduces amount of tax you owe  May lead to refund  Requirements  If single income less than $14,590 and no qualifying children  Cannot be qualifying child  Have a qualifying child or  Be age 25 but under 65 at end of year  Live in US more than half the year  Not qualify as dependent of another person

Activity  IRS Simulation   Complete Simulation 1 for Lawrence Red Owl  Complete Simulation 2 for Cicely King  1040EZ  Once finished with simulation pick up 3 pages from front table  When everyone has finished the simulations we will walk through scenario 1 together