Do Now 1)What things determine how much someone gets taxed by the federal government? 2) What date are taxes due every year?

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Presentation transcript:

Do Now 1)What things determine how much someone gets taxed by the federal government? 2) What date are taxes due every year?

Reminders News Article Analysis due FRIDAY!

10.5- Paying Taxes Taxes must be paid by April 15 for the previous year.

How are my taxes determined? Filing status- based on your marital status or whether you have and dependents (child or relative whom you support) People with more dependents get taxes less. Taxable income- the amount of income subject to taxation after all exemptions and deductions. The higher your income- the higher your taxes

Important Tax Forms Form one page form that has only 12 lines of info to fill out – Usually fine for young adults W-2 Form- shows how much you earned during the year and how much taxes you paid – At the end of each year your employer must send this form to you by January 31.

Independent Practice Read the information about tax preparation services and answer the text- dependent questions.

Homework News Article Analysis due FRIDAY!

Exit Ticket 1) What is "filing status" and why is it important? 2) What is your "taxable income"?