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Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.

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Presentation on theme: "Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES."— Presentation transcript:

1 Financial Algebra © Cengage/South-Western Slide FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES

2 Financial Algebra © Cengage Learning/South-Western Slide 2 Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction Key Terms

3 Financial Algebra © Cengage Learning/South-Western Slide 3 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 if she files as a single taxpayer? Example 1

4 Financial Algebra © Cengage Learning/South-Western Slide 4 Example 2 What is Elizabeth s taxable income? What is Elizabeths tax?

5 Financial Algebra © Cengage Learning/South-Western Slide 5 EXAMPLE 3 Does Elizabeth get a refund or owe the government money? In either case, determine that amount.

6 Financial Algebra © Cengage Learning/South-Western Slide 6 Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Does he get a refund or owe money? In either case, what is the amount? CHECK YOUR UNDERSTANDING

7 Financial Algebra © Cengage Learning/South-Western Slide 7 EXAMPLE 4 How many exemptions can Mr. and Mrs. Omar claim?

8 Financial Algebra © Cengage Learning/South-Western Slide 8 EXAMPLE 5 Determine the Omars adjusted gross income. They received $987 interest on bank deposits and $1,200 in stock dividends.

9 Financial Algebra © Cengage Learning/South-Western Slide 9 EXAMPLE 6 Determine the Omars tax for the year.

10 Financial Algebra © Cengage Learning/South-Western Slide 10 EXAMPLE 7 Do the Omars get a refund or owe the government money? In either case, determine that amount.

11 Financial Algebra © Cengage Learning/South-Western Slide 11 Suppose that Kenya had an additional $50 withheld from each of his biweekly paychecks. How would that change the amount reported on his W-2 form? With the additional money withheld, would they have gotten a refund or owed the government money? CHECK YOUR UNDERSTANDING


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