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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.

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INCOME TAXES

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  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

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