taxes unit review friday. this type of tax varies by the county that you are in
TRANSCRIPT
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Taxes Unit ReviewFriday
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This type of tax varies by the county that
you are in.
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Sales Tax
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This type of tax that you pay, is taken out of
your paycheck.
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Income Tax
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Why is it called income tax?
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Because you are being taxed on your income, or the money, you are
making at your job, plus any other sources of
income.
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The due date for your tax returns
is…?
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April 15th
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Why does an employer need
their employees to fill out a W-4 form?
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So the employer knows how much tax to
withhold from the employee’s paycheck.
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Are income taxes based on your gross
income or net income?
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Gross income, which is before deductions
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What is property tax?
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A % of tax, which varies by location,
that you pay on the property you own.
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This form will tell how much interest income a person
earned.
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1099INT Form
INT= Interest
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What is gross income?
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Money earned BEFORE deductions
are made.
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What tax is only charged on certain
goods?
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Excise Tax
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Give 2 examples of goods that use excise
tax.
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-Gasoline-Cigarettes
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Give 3 examples of what state taxes pay
for.
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A few examples…- Fire/Police Protection
- Public Schools- Roads/Stop lights- State Government
-Public Works
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When must your employer give you your W-2 form by?
(what date?)
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Your employer must send you your W-2 Form by Jan 31st.
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Who qualifies as a dependent?
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- Your child whom you support more than 50%.
- Someone not related to
you, but who lives with you and you support more than
50%.
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What is a W-2G Form?
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- It is for Gambling Winnings.
- It comes filled out from the casino.
-You must also attach this to your tax return forms when you send them in.
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What does your W-2 form report
on?
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Your W-2 reports on how much you
earned at your job and how much tax
was withheld.
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If you work 2 different jobs, how many W-2 Forms should your receive by Jan 31st?
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Two.
You should receive a W-2 from each of your employers.
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Can a dependent be taken as a tax deduction for those supporting the
dependent?
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Yes! If you have 1 or more
dependents, they can be taken as a tax deduction.
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What does exempt from withholding
mean?
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You do not need to have tax withheld from your
paycheck.
In most cases, it is because you make under a certain amount of money.
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True or False:If you are audited for your taxes and have committed tax fraud,
you might need to pay that amount plus a penalty, and you
could end up having to serve time in jail.
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TRUE!!
-Do NOT lie on your taxes.
-Remember, when you sign at the bottom of the form, you are agreeing
that all above information is true.
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What is the time frame that Income taxes, W-2’s and
1099’s are based off of?
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- The calendar year.
- From Jan. 1st – Dec. 31st
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Where can you get your tax forms from
that you need to fill out and send in?
(There are at least 3 places)
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- On-line- The library
- The post office
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What is a 1099DIV Form?
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- It is from the Dividends you earn from stocks.
- The Brokerage house or bank
sends this form to you, all filled out.
- It tells what was earned and what was withheld federally.
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What does the IRS stand for?
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Internal Revenue Service
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True or False:A copy of your W-2
must be sent in with your tax return forms?
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TRUE!!!
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True or False:
If you live in Illinois and owe income taxes, you
need to file a Federal and Illinois income tax form.
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True!!!
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To use the 1040EZ form, your income must be less than
$_______ per year.
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Your income is under $100,000.
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Does EVERYONE need to file a tax
return?
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No.
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What is the difference between a 1040EZ and
a 1040A regarding dependents?
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On a 1040EZ you cannot claim any
dependents.
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What are income taxes based on?
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All income you have coming in.
-Job, Interest, Stock Dividends, Gambling
winnings, etc.
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What is the money you get back from
the IRS called?
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Your refund.
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What is the difference
between a 1040-A and a IL-1040 ?
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The 1040-A is a Federal income tax
form and a IL-1040 is only for IL income tax.
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Should your social security number be
written on your actual tax return form?
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Yes!You need to be
identified by the government.
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If you earn tips at your job, do you need to
include that money into your total income on your
tax return forms?
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Yes!!
You may get audited from the IRS and you need to
have records of how much you earned in tips.
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To get your refund, what must you do?
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File a tax return.
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True or False:
Even though taxes may have a negative association to them and seem “boring” to learn about in class, they are there
for a reason and provide us with wonderful resources, such as schools
fire and police protection and a government.
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True!
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True!!
Thanks for hangin’ in there!!
You all did great!!!