WILL TAXATION EVER END?. “But in this world, nothing can be said to be certain except death and taxes.”

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Presentation transcript:

WILL TAXATION EVER END?

“But in this world, nothing can be said to be certain except death and taxes.”

EXAMPLES OF TAXES

WHAT ARE THE PURPOSES OF TAXES?

WHO SHOULD PAY TAXES? Benefits Received Ability to Pay

TAX SYSTEMS Progressive Proportional Regressive

TAX FORMS W-4: complete before beginning employment:  select the # of dependents (doesn’t have to be a real #)  $ deducted from your paycheck are based on this #  More dependents=less tax deducted  Fewer dependents=more taxes deducted

1040=Federal Income Tax Filing Form W-2=Earned Income 1099=Taxable interest and dividends greater than $10

INCOME Wages, salaries, tips (W-2) Taxable interest and dividends (1099) Alimony Capital gains (profits from the sale of stocks) IRA distributions Rents from real estate Unemployment insurance Gambling or game show winnings

TAX DEDUCTION An expense that you can use to reduce your taxable income.  Educator expenses (teachers)  Moving expenses (if related to a new job)  Alimony, paid  IRA deduction  Student loan interest  Mortgage interest

Real estate taxes paid to local govt Tuition (related to courses to be promoted) Expenses related to a job search Charity contributions Gambling losses Medical expenses Capital losses

CALCULATION OF TAXES ITEMIZED DEDUCTION: specific expenses that you deduct from your income STANDARD DEDUCTION: amount determined by the IRS to be used by taxpayers who do not have substantial itemized deductions

EXAMPLE ONE Single Itemized deductions:  Charity $2,000  Medical expenses $230  IRA Contribution $2,500  STANDARD DEDUCTION: $5,800

EXAMPLE TWO Single Itemized Deductions  Charity $3,500  Medical $230  IRA Contribution $2,500  Real Estate Taxes $3,200  Mortgage $2,000  STANDARD DEDUCTION: $5,800