Taxation

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