Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ....
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Transcript of Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ....
![Page 1: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/1.jpg)
Financial Algebra© Cengage/South-Western Slide 11
7-4
FORMS 1040 EZ AND 1040A
Complete form 1040EZ.
Complete form 1040A.
OBJECTIVES
![Page 2: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/2.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 22
Form 1040EZForm 1040AForm 1040dependentexemptionitemizestandard deduction
Key Terms
![Page 3: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/3.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 33
Elizabeth Allison is a food editor for a magazine. She has received a W-2 form from her employer and a 1099 form from her savings bank. What is Elizabeth’s taxable income for the year if she files as a single taxpayer?
Example 1Example 1
![Page 4: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/4.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 44
Example 2Example 2
What is Elizabeth’s taxable income?
What is Elizabeth’s tax?
![Page 5: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/5.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 55
EXAMPLE 3EXAMPLE 3
Does Elizabeth get a refund or owe the government money? In either case, determine that amount.
![Page 6: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/6.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 66
Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Does he get a refund or owe money? In either case, what is the amount?
CHECK YOUR UNDERSTANDING
![Page 7: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/7.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 77
EXAMPLE 4EXAMPLE 4
How many exemptions can Mr. and Mrs. Omar claim?
![Page 8: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/8.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 88
EXAMPLE 5EXAMPLE 5
Determine the Omars’ adjusted gross income. They received $987 interest on bank deposits and $1,200 in stock dividends.
![Page 9: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/9.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 99
EXAMPLE 6EXAMPLE 6
Determine the Omars tax for the year.
![Page 10: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/10.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 1010
EXAMPLE 7EXAMPLE 7
Do the Omars get a refund or owe the government money? In either case, determine that amount.
![Page 11: Financial Algebra © Cengage/South-Western Slide 1 7-4 FORMS 1040 EZ AND 1040A Complete form 1040EZ. Complete form 1040A. OBJECTIVES.](https://reader035.fdocuments.in/reader035/viewer/2022062620/5519fd1e5503464c588b4a89/html5/thumbnails/11.jpg)
Financial Algebra© Cengage Learning/South-Western Slide 1111
Suppose that Kenya had an additional $50 withheld from each of his biweekly paychecks. How would that change the amount reported on his W-2 form? With the additional money withheld, would they have gotten a refund or owed the government money?
CHECK YOUR UNDERSTANDING