1 / 10

INCOME TAXES

INCOME TAXES. Terms. Gross Income Net Income. Payroll taxes. Based on payroll of business Federal government receives largest part of revenue. Income Taxes. Pay on most types of income Based on each taxpayer’s financial and family situation. Form W-4.

yorick
Download Presentation

INCOME TAXES

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. INCOME TAXES

  2. Terms • Gross Income • Net Income

  3. Payroll taxes • Based on payroll of business • Federal government receives largest part of revenue

  4. Income Taxes • Pay on most types of income • Based on each taxpayer’s financial and family situation

  5. Form W-4 Provides information your employer needs to determine the proper amount to withhold from your paycheck

  6. Terms • Allowance • Internal Revenue Service • Tax Return • W-2

  7. Tax Forms • 1040 • 1040A • 1040EZ

  8. Qualifications 1040EZ • Single or married filing jointly with spouse • No dependents • Under 65 • Not blind • Made less than $50,000 • $400 or less in interest • Only income was wages, tips, interest, scholarships, unemployment compensation

  9. Sections 1040EZ • Name, address, social security number • Wages, taxable interest, unemployment • Federal income tax withheld, earned income credit

More Related