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Taxation

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

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Taxation

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  1. Taxation Personal Finance – Ch 9

  2. Types of Tax • Payroll Tax • Sales Tax • Real Estate Tax • Gasoline Tax

  3. Payroll Taxes • Tax Deductions • Federal • State • Local/City • FICA • Voluntary Deductions • Health Care • Retirement • Union Dues • Tithing/Charitable Contributions

  4. 1040 Form

  5. Tax Forms • W-4 • I-9 • W-2 • 1040 • 1040EZ

  6. W4 • W-4 • Withholding allowances

  7. W4 • Line 5 is where you write your withholding allowances. • Usually a number between 0 and 7. Less chance of tax return. Greater chance of tax return. Lower # = more $ withheld Higher # = less $ withheld

  8. I9 • I-9: Employment Eligibility Verification Form • INS – IRS form • Original identification • No exceptions

  9. I-9

  10. W-2 • W-2: Wage and Tax statement • All earnings and taxation from an employer listed

  11. 1040 EZ • 1040EZ • < $50,000 income • < $400 interest

  12. Filing Taxes • Filing Status • Single • Married, Joint File • Married, Individual File • Head of Household • Widow/Widower w/ dependent child • Deductions • Standard • Itemized • Exemptions • Dependents • HAS & IRAs • Credits

  13. Tax Rate • Tax Bracket • Marginal Rate • Effective Tax Rate

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