Business Math Section 2-1 Practice



Business Math Section 2-1 Practice

Page 129

Federal Tax Table Info

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Government Website for Tax/Social Security Information:

Everyone can e-file, and everyone can e-file Individual tax returns for free

Last year, nearly 100 million taxpayers opted for the safest, fastest and easiest way to submit their individual tax returns — IRS e-file. Since 1990, taxpayers have e-filed nearly 1 billion Form 1040 series tax returns safely and securely. E-file is the norm. And now, with Free File, everyone can file Form 1040 series tax returns for free!



• Where do my taxes go?

• When you are hired, what form do you need to complete for taxes?

• Will you need your Social Security Number/Driver’s License to give to your employer? W-2 or W-4?

• How many W-2’s do you get at the end of February in the mail? ______

• What does a W-4 look like? How to Read a W-4 Click on the Form Link. How much money do you want taken out for your allowances? If you claim “0” the largest amount is taken out of your check.

• What is a W-2? What Information and who gets a copy of your W-2

• What is a refund? Is this “free money”

• What if I discover that there is a mistake on my W-2’s after I have filed my taxes? Do I need to resubmit my taxes or who will “know”?

• What is the last day to file my taxes for 2012? April 15, 2013!

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• If I owe taxes, who can I get a loan from?

• If I miss my tax deadline now what do I do?

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|Weekly Allow x 2 claims |

|63.46 * 2=126.92 Allowance Amount |

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|Gross Pay – Allowance Amount =Taxable Income |

|293.23-126.92=166.31 |

|Taxable Wage is the first row. Over $51 but not over 195 0 +.10 |

|=0 + [.10 x (166.31-51)] |

|=0+ 11.53 |

|=11.53 |

|You Try: |

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|63.46 x 4=253.84 Allowance Amount |

|587.94-253.84=334.10 Taxable Income |

|*Second row! $14.40 plus 15% |

|=14.40 + [.15 x (334.10-195)] |

|=14.40 + [139.10 x .15] |

|=14.40 + 20.87=$35.27 |

|You Try: |

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|What is the amount w/held for Federal Income Tax? |

|What is the amount w/held for Federal Income Tax? |

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