Taxation

13
Taxation Personal Finance – Ch 9

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Taxation. Personal Finance – Ch 9. Types of Tax. Payroll Tax Sales Tax Real Estate Tax Gasoline Tax. Payroll Taxes. Tax Deductions Federal State Local/City FICA Voluntary Deductions Health Care Retirement Union Dues Tithing/Charitable Contributions. 1040 Form. Tax Forms. W-4 - PowerPoint PPT Presentation

Transcript of Taxation

Page 1: Taxation

Taxation

Personal Finance – Ch 9

Page 2: Taxation

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

Page 3: Taxation

Payroll Taxes

Tax Deductions Federal State Local/City FICA

Voluntary Deductions Health Care Retirement Union Dues Tithing/Charitable Contributions

Page 4: Taxation

1040 Form

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Tax Forms W-4 I-9 W-2 1040

1040EZ

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W4 W-4

Withholding allowances

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W4

Line 5 is where you write your withholding allowances.

Usually a number between 0 and 7.

Higher # =

less $ withheld

Lower # =

more $ withheld

Less chance of

tax return.Greater chance of tax return.

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I9 I-9: Employment Eligibility Verification

Form INS – IRS form Original identification No exceptions

Page 9: Taxation

I-9

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W-2 W-2: Wage and Tax statement

All earnings and taxation from an employer listed

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1040 EZ 1040EZ < $50,000 income < $400 interest

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Filing Taxes Filing Status

Single Married, Joint File Married, Individual File Head of Household Widow/Widower w/ dependent child

Deductions Standard Itemized

Exemptions Dependents HSA & IRAs

Credits

Page 13: Taxation

Tax Rate Tax Bracket Marginal Rate Effective Tax Rate


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