7.1A Tax Tables, Worksheets, and Schedules

Slides:

Advertisements

Similar presentations

7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES

Advertisements

Chapter 6: Paying Taxes.

0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.

Tax Preparation. Federal Income Tax Structure  Federal and State income taxes are progressive tax  The higher your income, the greater percentage is.

Paying/Filing Income Tax. Two Things You Must Do In Life Die and pay taxes Tax system relies on voluntary compliance IRS (Internal Revenue Service)

Tax Planning and Strategies

New York State Department of Taxation and Finance Spring 2011.

New York State Department of Taxation and Finance Resident Alien International Students and Scholars Spring 2012 Workshop.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Based on voluntary compliance  Filing Tax Returns  Must be done.

Chapter 12 Planning Your Tax Strategy Section 12.2 Preparing an Income Tax Return.

Unit 1 “Income Taxes and Filing a Tax Return”

FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

Tax Terms You Need To Know

8 | 1 Chapter 12: Planning Your Tax Strategy Section 12.1 Income Tax Fundamentals  Today’s Agenda: 1.The importance of tax planning 2.How to identify.

WARM UP Write these numbers in words 1,000 1, ,000 10,000 1,000,000 1,000,000.

Money Management Federal Income Tax Chapter Seven Notes ____________________________ are collected from the citizens and businesses. The money collected.

Tax Returns 1040 EZ, W-2, W-4. Income Tax Return  Filed every year  To file = fill out form(s) & send to IRS  Reports your income for year & income.

Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household 10%$0 – $8,350 $0 – $16,700.

AC256: Federal Taxation Term 1103A Seminar: Unit 2 August 14, 2011 Emil Koren, CPA, MBA.

U NDERSTANDING T AXES. W HAT IS A T AX ? Tax is a financial charge on a taxpayer by the federal and state governments.

Slippery Road Ahead Advanced Verification Issues Initial Forms Requested  Student’s 2005 federal tax return  Parent’s 2005 federal tax return, if applicable.

Income Tax Fundamentals 2010 edition Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2010 Cengage Learning.

© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.

© 2010 South-Western, Cengage Learning Chapter © 2010 South-Western, Cengage Learning Federal Income Tax 7.1Our Tax System 7.2Filing Tax Returns 7.

Chapter 14 The Individual Tax Model How to Use the Tax Rate Schedule  Schedule divided into brackets—10%, 15%, 25%, 28%, 33%, 35% and 39.6%  Income.

OUR FEDERAL INCOME TAX PLAN TAXES: DAY TAX BRACKETS Marginal Tax Rate [6] [6] Single Married Filing Jointly or Qualified Widow(er) Married Filing.

Aim: Tax Tables, Worksheets & Schedules Course: Math Literacy Do Now: Name some taxes people have to pay. Aim: Who pays taxes? Income tax Sales tax Property.

Chapter 7 Federal Income Tax. Federal Income Taxes 1.Used to pay for government services from national defense to highways and parks 2.Are paid by all.

© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.

UNDERSTANDING THE FEDERAL INCOME TAX RETURN (1) WHAT SHOULD YOU KNOW ABOUT THE FEDERAL INCOME TAX RETURN? PG NAME, TEACHER AND DATE.

Pages Appendix B: Income Tax Calculation Chapter 6 Market Trends & Analysis IBM 320 CAL POLY POMONA IBM320 Market Trends and Analysis Maha.

Vocabulary Understanding the IRS. Vocab W-2 Form Electronic filing Tax Refund Tax liability W-4 Form Federal income tax Social security tax Medicare tax.

Standard Mrs. Morrey Financial Literacy Riverton High School

Chapter 3 Taxes in Your Financial Plan McGraw-Hill/Irwin

Theme 7: Taxing.

Lesson 3.2 Filing a Tax Return

Tax Preparation Financial Literacy.

Chapter 7 Federal Income Tax

Principles of Business, Marketing and Finance

CHAPTER 20 Taxes.

Taxes Objective: SWBAT evaluate the basics about taxes

7.4 Forms 1040EZ and 1040A.

Personal Finance Income Taxes Presented By Mrs. Bowden.

Advanced Financial Algebra

Principles of Business, Marketing and Finance

Filing status Spring 2018, LAMC.

7-1 TAX TABLES, WORKSHEETS, AND SCHEDULES

Chapter 6 Paying Taxes © 2010 Pearson Education, Inc.

Determine Your Tax Filing Status

Managing Your Money Copyright © 2011 Pearson Education, Inc.

Alabama Return.

Personal Income Tax Returns

Chapter 4: Managing Taxes

Taxes: A Farmer’s Perspective

Standard Deduction Qualified Business Income Deduction

Practice Scenario.

MYPF 7.1 Our Tax System 7.2 Filing Tax Returns

Business Math Chapter 19: Taxes.

MYPF 7.1 Our Tax System 7.2 Filing Tax Returns

Warmup What is the take-home pay each month?

New Tax Forms – What Changed?

Warm-up Which scam from yesterday are you most concerned about? How can you avoid it? Did you file taxes or fill out the FAFSA this year? What did you.

MYPF 3.1 Our Tax System 3.2 Filing a Tax Return

South Carolina Return.

Presentation transcript:

7.1A Tax Tables, Worksheets, and Schedules

Vocabulary 1. Property Tax- based on the VALUE of the property you own 2. SALES Tax- based on the value of items you purchase 3. Income taxes- based on the amount of taxable income you EARN 4. Taxable income-earnings that are TAXABLE

VOCABULARY CONTINUED 5. Tax- the amount you pay to the GOVERNMENT 6. Internal Revenue Service (IRS)- Government agency that collects FEDERAL tax 7. Single- UNMARRIED taxpayers 8. Married Filing Jointly- married people who fill out one tax return TOGETHER

VOCABULARY CONTINUED 9. Qualifying Widow(er)- widow(er) who meets the qualifications outlined by the IRS. 10. Married Filing SEPARATELY- married people who file two separate returns 11. Head of Household- a special filing status for certain UNMARRIED taxpayers who support people in addition to supporting themselves.

EXAMPLE 1 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 2 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 3 Using the same table above, what taxable income would yield a tax of exactly $8,962.50?

EXAMPLE 4 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 5 Deanna 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?