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Financial Algebra © Cengage/South-Western Slide FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES
Financial Algebra © Cengage Learning/South-Western Slide 2 Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction Key Terms
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
Financial Algebra © Cengage Learning/South-Western Slide 4 Example 2 What is Elizabeth s taxable income? What is Elizabeths tax?
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.
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
Financial Algebra © Cengage Learning/South-Western Slide 7 EXAMPLE 4 How many exemptions can Mr. and Mrs. Omar claim?
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.
Financial Algebra © Cengage Learning/South-Western Slide 9 EXAMPLE 6 Determine the Omars tax for the year.
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.
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
Aim: Forms 1040EZ & 1040A Course: Math Literacy Do Now: What does IRS stand for? Aim: How do taxpayers report their income to the government?
Financial Algebra © Cengage/South-Western Slide 1 INCOME TAXES 7-1Tax Tables, Worksheets, and Schedules 7-2Modeling Tax Schedules 7-3Income Statements.
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,
Taxes and Your Paycheck Career and Financial Management 2.
FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.
Lesson EZ Instructions. Round all values To the nearest dollar.
Accounting Jeopardy FormsTrue/FalseTax TableMake a ChoiceFind What?
Financial Algebra © Cengage/South-Western Slide FORM 1040 AND SCHEDULES A AND B File Form 1040 with itemized deductions. Understand the difference.
Taxes Gov’tForms Deductions.
Federal Income Taxes. Calculate the adjusted gross income and taxable income Calculate the income tax due Calculate the income tax refund for single.
Taxes for Teens USING THE IRS “1040EZ” FORM. Do You Know… A. What form do most teens use to file their federal taxes? A EZ A EZ.
Business Math 2.3 Federal Income Taxes. Goals Calculate adjusted gross income and taxable income Calculate the income tax due Calculate the income tax.
We Need Taxes For….. National Defense Police and fire protection Health services Public Education Water, gas and electric systems Environmental protection…
Federal 1040 Overview v0.8FAM-20 Federal 1040 Overview1.
0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.
Income Taxes and You Unit 1 “Income Taxes and Filing a Tax Return”
GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.
W-4’s, W-2’s, and Tax Returns. Financial Planning EarningSavings Spending Investing Tax Planning Retirement Planning Estate Planning.
1 Vocab/Definitions WS. What’s the Problem? Teens don’t understand how TAX applies to them Most forfeit a refund!!! 2 Is this you???
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.
GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.3Slide 1 2.3Federal Income Taxes Calculate adjusted gross income and taxable income Calculate the income.
IRS Form We file 1040 forms, not 1040A, 1040EZ, etc is split up into 4 general areas Taxpayer information Income Taxes & Credits Payments/Refunds.
The W-4 Form gives your employer an overview of your tax status (are you married? Do you have kids? Do you pay a lot for child care?). Using this.
Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.
What items must be included in your notebook ? What items must be included in your notebook ? When is the notebook due? When is the notebook due? When.
Paycheck Tax Deductions Lesson 3-1. What is the Definition of Tax? Compulsory charges imposed on citizens by local, state, and federal government.
Completing a W4 Form. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform.
© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.
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.
Lesson 2-3 Taxes and Other Deductions - List the required and optional deductions from gross pay. - Explain the contents of commonly used federal tax forms.
The 1040 EZ. Read the Tax Process article In your notebook, design a graphic that represents the income tax process Share with a neighbor, then merge.
Financial Algebra © Cengage/South-Western Slide SOCIAL SECURITY AND MEDICARE To compute paycheck deductions for Social Security. To compute paycheck.
Towson University cannot legally tell you how to complete Form W4. You must make your decision based on your personal situation. If you have a hard.
Filing Taxes Taxes Due- April 15th. W-2 Form Tax Basics Tax year: January 1 st through December 31 st Required to file taxes every working year. Determines.
© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.
Liability is an accounting term used in accounting. It means that this is money that is owed to someone. Tax Liability means the total amount of taxes.
Taxes & Spending Payroll Deductions 4.01 – Explain taxes on income.
Tax Terms You Need To Know. W-2 A form reporting one’s compensation (taxable wages) for the year. Filled out by the employer.
Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.
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.
Income and Taxes. So… You graduated high school and college… You achieved a degree… You have a solid resume… You rocked on your interview… And.
Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,
Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.
Financial Algebra © Cengage/South-Western Slide TAX TABLES, WORKSHEETS, AND SCHEDULES Express tax schedules algebraically. Compute federal income.
5.1 Taxes and Your Paycheck. Payroll Tax Income Tax Federal Insurance Contribution Act (FICA) Withholding Gross Income Net Income Form.
The Complexity of Taxes and Deductions Cash Flow and Budgeting 2 Continued…
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.
Where did all that money go?. Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.
Chapter 7 Federal Income Tax “In the world nothing can be said to be certain but death and taxes.” - Ben Franklin.
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