Tax Returns Who has to file tax return by 4/15/2014? Federal State Write This Down Tax Returns Who has to file tax return by 4/15/2014? Only if you made more than certain amount in 2013 Federal State Living w/ parents Single, on your own

From Federal Tax Instructions Living on your own, no $$ support from parents = have to file if earn (Single) $9,350 or more (Married) $18,700 From Federal Tax Instructions

From Federal Tax Instructions If someone claims you as a dependent, like a parent, then have to file if you earn $5,700 or more From Federal Tax Instructions

Tax Returns Who has to file tax return by 4/15/2011? Federal State Write This Down Tax Returns Who has to file tax return by 4/15/2011? Only if you made more than certain amount in 2010 Federal State Living w/ parents $5,700 $5,700* Single, on your own $9,350 $14,622 How Does Filing Work? Gross Income (the total $ you earned) $8,320 -$200 Subtract Deductions - $100 - $1,000 Taxable Income $7,020

How Does Filing Work? $8,320 Subtract Deductions -$200 - $100 - $1,000 Gross Income (the total $ you earned) $8,320 Subtract Deductions -$200 - $100 - $1,000 Taxable Income = $7,020 Times Tax bracket rate x .10 Amount of taxes owed = $702 2 ways to pay taxes Save it yourself and send check in April, or have it taken out of your paycheck

2 ways to pay taxes Save it yourself and send check in April, or have it taken out of your paycheck W4 form – Form that tells employers how much to take out of your check for taxes

FIRST NAME LAST NAME SS# HOME ADDRESS DIFFERENT NAME ON SS SINGLE OR MARRIED DIFFERENT NAME ON SS 3 BOXES YOU DON’T UNDERSTAND WHAT THEY ARE ASKING THE SAFE ANSWER IS 0,0,BLANK BOX 5 = how many allowances (how many deductions will you have when you file your taxes?) BOX 6 = additional amounts you want taken out BOX 7 = if you are exempt from all federal income taxes

3 BOXES YOU DON’T UNDERSTAND WHAT THEY ARE ASKING FIRST NAME LAST NAME SS# HOME ADDRESS SINGLE OR MARRIED DIFFERENT NAME ON SS 3 BOXES YOU DON’T UNDERSTAND WHAT THEY ARE ASKING Why 0,0, blank ? They will take out the full amount, then when you file you’ll probably have deductions = you’ll get a refund If you put more than 0 then if you didn’t calculate correctly, you may get a bill at the end.

Safe answers are 0, 0 ,blank 2 ways to pay taxes Save it yourself and send check in April, or have it taken out of your paycheck W4 form – Form that tells employers how much to take out of your check for taxes Safe answers are 0, 0 ,blank Federal Forms: called 1040EZ, 1040A, 1040 State Forms: called 540EZ, 540A, 540 You can get forms at the post office or online

You had income tax withheld from your pay. Even if you do not have to file, you should file a federal income tax return to get money back if any of the following apply: You had income tax withheld from your pay. You qualify for the earned income credit. You qualify for the additional child tax credit.

Safe answers are 0, 0 ,blank 2 ways to pay taxes Save it yourself and send check in April, or have it taken out of your paycheck W4 form – Form that tells employers how much to take out of your check for taxes Safe answers are 0, 0 ,blank Federal Forms: called 1040EZ, 1040A, 1040 State Forms: called 540EZ, 540A, 540 You can get forms at the post office or online W2 wage and tax statement – receipt that tells you all the info you need to fill out your tax forms. Employer gives it to you in Jan/Feb