Business Math Section 2-1 Practice
Business Math Section 2-1 Practice
Page 129
Federal Tax Table Info
[pic]
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!
•
• 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 |
| |
|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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