2 What information in on a pay stub? Gross wages- how much you earn before taxes and other deductionsNet wages- amount left after deductions
3 What information in on a pay stub? Payroll taxes- taken by federal and state government.Other deductions:Local taxesContribution to health insuranceRetirement plansUnion duesFICA: Federal Insurance Contribution Act- deductions to support retirement plans like Medicare and Social Security
5 How do I pay taxes? In your check, taxes are deducted You also say a sales tax every time you buy somethingYou pay an excise tax on tobacco, alcohol, gasoline, and other luxury itemsYou pay property taxes if you own a home
6 How do you file your income taxes? If you earn more than $4,000 a year, you have to file taxesSelect an appropriate filing categorySingle, head of house, married and filing jointly, or married filing separatelySelect the appropriate form1040EZ, 1040
7 What are my deductions?An employer provides a W-2 stating earnings and deductions. (if your employer does not give you one by January 31st, report them to the IRS)Possible Deductions:$ in a IRA (individual retirement plan)Medical expenses more that 7.5% of your incomeCharitable donationsWork related expensesInterest paidChildren or other dependents
8 You can mail a paper copy Send it electronically How do I send in my taxes?You can mail a paper copySend it electronicallyThey must be postmarked by midnight April 15th!!!