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, on your own
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
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
Write This Down Tax Returns Who has to file tax return by 4/15/2011? FederalState Only if you made more than certain amount in 2010 Living w/ parents $9,350 How Does Filing Work? Gross Income (the total $ you earned) Single, on your own $14,622 $5,700*$5,700 $8,320 -$200 - $100 - $1,000 Subtract Deductions $7,020 Taxable Income
How Does Filing Work? Gross Income (the total $ you earned) $8,320 -$200 - $100 - $1,000 Subtract Deductions = $7,020 Taxable Income Times Tax bracket rate x.10 = $702Amount of taxes owed 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 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
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.
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 Federal Forms: called 1040EZ, 1040A, 1040 State Forms: called 540EZ, 540A, 540 You can get forms at the post office or online Safe answers are 0, 0,blank
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.
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 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 Safe answers are 0, 0,blank