1. Taxation
Personal Finance – Ch 9

2. Types of Tax
Payroll Tax
Sales Tax
Real Estate Tax
Gasoline Tax

3. Payroll Taxes Tax Deductions Voluntary Deductions Federal State
Local/City
FICA
Voluntary Deductions
Health Care
Retirement
Union Dues
Tithing/Charitable Contributions

4. 1040 Form
PDF of 1040 form

5. Tax Forms
W-4
I-9
W-2
1040
1040EZ

6. W4 W-4 Withholding allowances
Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes.
PDF of W-4

7. W4 Line 5 is where you write your withholding allowances.
Usually a number between 0 and 7.
Less chance of tax return.
Greater chance of tax return.
Lower # =
more $
withheld
Higher # =
less $
withheld

8. I9 I-9: Employment Eligibility Verification Form INS – IRS form
Original identification
No exceptions

9. I-9
The purpose of this form is to document that each new employee (both citizen and noncitizen) hired after November 6, 1986,is authorized to work in the United States.
PDF of I-9

10. W-2 W-2: Wage and Tax statement
All earnings and taxation from an employer listed
PDF W2

11. 1040 EZ 1040EZ < $50,000 income < $400 interest
PDF of 1040 EZ form

12. Filing Taxes Filing Status Deductions Exemptions Credits Single
Married, Joint File
Married, Individual File
Head of Household
Widow/Widower w/ dependent child
Deductions
Standard
Itemized
Exemptions
Dependents
HSA & IRAs
Credits

13. Tax Rate
Tax Bracket
Marginal Rate
Effective Tax Rate