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Financial Algebra © Cengage/South-Western Slide 1 7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES Express tax schedules algebraically. Compute federal income.

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Presentation on theme: "Financial Algebra © Cengage/South-Western Slide 1 7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES Express tax schedules algebraically. Compute federal income."— Presentation transcript:

1 Financial Algebra © Cengage/South-Western Slide TAX TABLES, WORKSHEETS, AND SCHEDULES Express tax schedules algebraically. Compute federal income taxes using a tax table and tax schedules. OBJECTIVES

2 Financial Algebra © Cengage Learning/South-Western Slide 2 property tax sales tax income tax taxable income tax Internal Revenue Service (IRS) single married filing jointly qualifying widow(er) married filing separately head of household Key Terms

3 Financial Algebra © Cengage Learning/South-Western Slide 3 Ron is single. He is using an IRS tax form and calculates that his taxable income is $51,482. The instructions tell him to use the tax table to determine his taxes. How much does Ron owe in taxes? Example 1

4 Financial Algebra © Cengage Learning/South-Western Slide 4 If r represents Ron ’ s taxable income, express his tax interval as an inequality using both interval notation and compound inequality notation. CHECK YOUR UNDERSTANDING

5 Financial Algebra © Cengage Learning/South-Western Slide 5 Maria and Don are married taxpayers filing a joint return. Their combined taxable income is $153,900. The IRS offers a tax schedule so that taxpayers can calculate their tax. Use the tax schedule below for married taxpayers filing jointly to calculate Maria and Don ’ s tax. Example 2

6 Financial Algebra © Cengage Learning/South-Western Slide 6 Using the table, what taxable income would yield a tax of exactly $8,962.50? CHECK YOUR UNDERSTANDING

7 Financial Algebra © Cengage Learning/South-Western Slide 7 The IRS includes the tax schedule for information purposes only. For taxable incomes over $100,000, taxpayers must use the tax worksheet. Here is a portion of the worksheet for married taxpayers filing jointly. Calculate Maria and Don ’ s tax using this worksheet. Example 3

8 Financial Algebra © Cengage Learning/South-Western Slide 8 Davida and John have a taxable income of $118,675. Use the Married Filling Jointly worksheet to determine the amounts for columns (a) and (c). What is their calculated tax? CHECK YOUR UNDERSTANDING

9 Financial Algebra © Cengage Learning/South-Western Slide 9 Chase has a taxable income of x dollars. This amount is over $100,000, but not over $131,450. Express his tax algebraically. EXTEND YOUR UNDERSTANDING


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