1 / 13

Federal Income Tax

SECTION 2-1. pp. 116-118. Federal Income Tax. Section Objective. Read: Tables to find the amount withheld for federal income tax. Key Words to Know. federal income tax (FIT) (p. 116) Money withheld by an employer from an employee’s paycheck to pay federal government taxes.

cokerj
Download Presentation

Federal Income Tax

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. SECTION 2-1 pp. 116-118 Federal Income Tax

  2. Section Objective Read: • Tables to find the amount withheld for federal income tax

  3. Key Words to Know federal income tax (FIT) (p. 116) Money withheld by an employer from an employee’s paycheck to pay federal government taxes.

  4. Jack’s Jackpot p. 116 What do you do when your bills are more than your paycheck amount?

  5. Example 1 Carla Garza’s gross pay for this week is $425.88. She is married and claims 2 allowances—herself and her husband. What amount will be withheld from Garza’s pay for FIT?

  6. Example 1 Answer Steps: 1. Find the income range from the federal tax tables on pages 788-791 in your textbook. 2. Find the column for 2 allowances. 3. The amount of income to be withheld is $15.

  7. Example 2 Lance Han’s gross pay for this week is $386.88. He is married and claims 1 allowance. What amount will be withheld from Han’s pay for FIT?

  8. Example 2 Answer Steps: 1. Find the income range from the federal tax tables on pages 788-791 in your textbook. 2. Find the column for 1 allowance. 3. The amount of income to be withheld is $17.

  9. Practice 1 Use the tax tables on pages 788-791 in your textbook to find the amount withheld. Joseph Napoli, single. Earns $524 per week. Claims 2 allowances. What is the FIT withheld?

  10. Practice 1 Answer $46

  11. Practice 2 Use the tax tables on pages 788-191 in your textbook to find the amount withheld. Amanda Hagel earns $476 a week. She is married and claims 2 allowances. Next year she will have a child and will claim an additional allowance. How much less will be withheld for federal income tax next year?

  12. Practice 2 Answer $312

  13. END OF SECTION 2-1 Federal Income Tax

More Related