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Chapter 7 Federal Income Tax

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Presentation on theme: "Chapter 7 Federal Income Tax"— Presentation transcript:

1 Chapter 7 Federal Income Tax
MYPF Chapter 07 11-Sept-2001 Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns © South-Western Educational Publishing

2 Lesson 7.1 Our Tax System © South-Western Educational Publishing

3 Types of Taxes © South-Western Educational Publishing

4 Components of the Tax System
© South-Western Educational Publishing

5 IRS Audit © South-Western Educational Publishing

6 Lesson 7.2 Filing Tax Returns
© South-Western Educational Publishing

7 Filing Status © South-Western Educational Publishing

8 Exemptions © South-Western Educational Publishing

9 Gross Income © South-Western Educational Publishing

10 Adjusted Gross Income Gross income – Adjustments Adjusted gross income
© South-Western Educational Publishing

11 Taxable Income Gross income – Adjustments Adjusted gross income
– Deductions – Exemptions Taxable income © South-Western Educational Publishing

12 Deductions © South-Western Educational Publishing

13 Tax Credits © South-Western Educational Publishing

14 Preparing to File Who must file? When to file? Which form to use?
Where to begin? Filing electronically © South-Western Educational Publishing

15 Preparing Your Income Tax Return
Tax preparation software Form 1040EZ Form 1040A © South-Western Educational Publishing

16 Form 1040EZ Step 1: Step 2: Step 3: Step 4: Step 5:
© South-Western Educational Publishing

17 Form 1040A Step 1: Step 2: Step 3: Step 4: Step 5:
© South-Western Educational Publishing

18 Form 1040A (continued) Step 6: Step 7: Step 8: Step 9:
© South-Western Educational Publishing

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