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

Published byElijah Neal Modified over 9 years ago

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Presentation on theme: "Do Now 1)What things determine how much someone gets taxed by the federal government? 2) What date are taxes due every year?"— Presentation transcript:

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

2 Reminders News Article Analysis due FRIDAY!

3 10.5- Paying Taxes Taxes must be paid by April 15 for the previous year.

4 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

5 Important Tax Forms Form 1040- 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.

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

7 Homework News Article Analysis due FRIDAY!

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

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