Tax Day

Paying Taxes*

name date: What Do You Know about Income Taxes? 1. ______ , ______ and _________ mean money you earn from your job. 2. __________________ are money used to pay for government. 3. Everyone must pay taxes by ___________________. 4. We must pay taxes to ________, __________ and _________ levels of government. 5. The ________ ______ _____ (____) collects taxes for the US Federal government. 6. The ____________ ____________ suggests our budget for government spending. 7. ______________________ must approve the Presidents budget. 8. Your payroll secretary helps you pay taxes when you fill out a __________________. 9. A ______________ shows how much taxes you pay every time you get a paycheck. 10. ______ pay is your pay before taxes; ____ pay is your pay after taxes are deducted.11. A ____________ shows how much taxes you pay for one year.12. Use your W2 Form to _____________________ that you paid your taxes. 13. The people who live with you that you care for are your _________________. 14. Save your tax papers for __________________ years.15. _______________________ can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a _______________.17. Tax _____________________ go to jail. 18. Nobody _______________ to pay taxes.

1. Paying Taxes*

http://womeninbiz.sbresources.com/blog/images/money-into-air-image.jpgIt is wonderful to earn an income!2. INCOME--all of the money you earn is income (salary or paycheck). Income also includes interest you earn from saving your money and winning the Lottery.Everybody loves getting a paycheck.

In this world, nothing is certainexcept death and taxes.Everybody hates paying taxes.

Learn about paying taxes.*3. TAXES--money that pays for government services.

April 15 April 15 is Tax Day4. APRIL 15--You must pay federal income taxes every year, on or before April 15.

5. FILE YOUR TAXES--Mail your tax forms. You may use the post office or you may file online.You must file your income taxes on or before April 15.

Uncle Sam

Local (or City) Government State Government Federal Government There are three levels of government... and three levels of taxes.

There are three levels of government... and three levels of taxes. Local (or City) Government State Government Federal Government There are three levels of government... and three levels of taxes.

There are three levels of government... and three levels of taxes. Local (or City) Government --Philadelphia City Wage Tax State Government Federal Government There are three levels of government... and three levels of taxes.

There are three levels of government... and three levels of taxes. Local (or City) Government --Philadelphia City Wage Tax State Government --Pennsylvania State Income Tax Federal Government There are three levels of government... and three levels of taxes.

There are three levels of government... and three levels of taxes. Local (or City) Government --Philadelphia City Wage Tax State Government Pennsylvania State Income Tax Federal Government --Federal Income Tax There are three levels of government... and three levels of taxes.

Local (or City) Government --Philadelphia City Wage Tax State Government Pennsylvania State Income Tax Federal Government --Federal Income Tax There are three levels of government... and three levels of taxes.

Department of the TreasuryInternal Revenue Service

The Budget

*6. IRS--The Internal Revenue Services collects income taxes for the federal government.The IRS: Internal Revenue Service.The IRS is the federal government office in Washington, D.C. responsible for collecting taxes. Send your taxes to the IRS.

Everyone must pay income tax to the IRS.*7. INCOME TAX--money you must pay the federal government from your paycheck.

It is important to understand tax rules. You must fill out tax forms.*8. TAX FORMS--You must fill out papers called tax forms and send them to the IRS.

Many young people have the right to receive tax refunds.*9. TAX REFUND--Money paid back to you.Sometimes people pay too much income tax. The IRS must pay back your money.

* Congratulations!You started your new job!Meet the payroll secretary.

http://www.nccchurch.org/images/Secretary.pngI am the payroll secretary.When you start a new job, I will give you many forms. I also help you pay your income tax.10. The PAYROLL SECRETARY--The payroll secretary follows rules to remove taxes from your paycheck.

http://www.nccchurch.org/images/Secretary.pngPlease fill out this W-4 form.

*

Huh?What is a W-4 Form?

What is a W-4 Form?New workers fill out this form.The W-4 Form shows the payroll secretary how much federal income tax to withhold from your paycheck.*11. WITHHOLD--Take out taxes from your paycheck.

New workers fill out this form.The W-4 Form shows the payroll secretary how much federal income tax to withhold from paycheck*What is a W-4 Form?

New workers fill out this form.The W-4 Form shows the payroll secretary how much federal income tax to withhold from paycheck*12. W-4 FORM--Fill out this form to show how much tax you want withheld from your paycheck. What is a W-4 Form?

Students or teenagers who work part-time may be exempt, or excused, from paying taxes.*13. EXEMPT--If you work part time or if you are a student, you may be excused from paying taxes.

Your paycheck is attached to a statement called a pay stub.Your pay stub shows your earnings and your tax deductions.14. PAY STUB--A paper that is attached to your paycheck. It shows how much tax is subtracted from your income.

http://www.nccchurch.org/images/Secretary.pngIn January, I will give you a different form. This is your W-2 form. Save it for Tax Day.

*

Huh?What is a W-2 Form?

In January, the payroll secretary will give you a W-2 form.The W-2 shows how much taxes were deducted from your paycheck.15. W-2 FORM--The payroll secretary will give you this form. It shows how much tax you paid last year.

In January, the payroll secretary will give you a W-2 form.The W-2 shows how much taxes were deducted from your paycheck.

http://www.osc.state.ny.us/payroll/images/w2_2008.jpgThis W-2 Form shows that this taxpayer paid taxes to the Federal government for Social Security and Medicare.He paid State and Local (city) taxes, too.How much in taxes did he pay for the year?

http://www.osc.state.ny.us/payroll/images/w2_2008.jpgApril 15 is the deadline to pay taxes on your income.Use your W-2 to prove that you already paid most of your taxes. You will not have to pay these taxes again.

The W-2 Form showshow much income you earned all year.how much taxes you paid all year.Your boss must give you your W-2 Form by January 31st. Use it to help fill out your tax return.Is there a mistake? Tell your boss or the payroll secretary.*

http://www.nccchurch.org/images/Secretary.pngPlease check your W-2 form. Maybe I made a mistake. Remember to tell me so I can fix it.

*It is a good idea to save money in a bank.

*It is a good idea to save money in a bank.Banks pay you when they hold your money.

*It is a good idea to save money in a bank.Banks pay you when they hold your money.That money is called interest.You must pay tax on interest.

If you save money in the bank, you will earn interest. Sorry, but interest in income, too. You must pay some taxes on it. Your bank will send you this 1099 INT Form to prove how much interest you earned.16. 1099 INT FORM--This form shows how much interest you earned. Interest is income. You must pay tax on it. Attach the W-4 Form to the 1040 EZ. Then, send it to the IRS.

Alexander Simpson 223-45-6789

none

2439 North Third Street

Philadelphia PA 19112

36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750

Before April 15, use your W-2 Form and your 1099 Formto help you fill out your Tax Return.17. 1040 EZ TAX RETURN FORM--You must fill out this form every year to prove how much income tax you must pay. Attach the W-4 Form. Then, send it to the IRS.

*Get free tax forms from the library, the post office or the IRS website.

How do I file the 1040-EZ Form?This is an easy form to use. You musthave no dependentsearn income under $100,000.00.earn interest under $1,500.00*18. DEPENDENTS--People you support who live in your house (usually children under 18 or full-time students).

http://startupblog.files.wordpress.com/2008/01/manila-envelope.jpgMy Financial RecordsJanuary December, 2014Save copies of your tax forms in your financial records for seven years.Put papers about your u insurance u pay stubs u retirement/401-K u credit card u bank u carin your Financial Records, too.

Must Students File Tax Returns by April 15?YES if your income was over $5,700.00 and if you earned more than $950.00 in interest.

NO if your paycheck is under $5,700.00 and you earned under $950 in interest.

Filing Requirement Worksheet for Most Dependents 1. Enter dependent's earned income plus $300 2.Minimum amount $950 3.Compare lines 1 and 2. Enter larger amt4.Maximum amount 57005.Compare lines 3 and 4. Enter smaller amount 6.Enter the dependent's gross (total) income. If line 6 is more than line 5, the dependent must file an income tax return.

Are you exempt from paying taxes?You do not have to pay taxes ifyou werent required to pay federal income tax last year;you earn under $5700;you are younger than 19 or a full-time student (you are a dependent).*

http://www.clipartpal.com/_thumbs/pd/holiday/halloween/man_screaming.png*I cant fill out these tax forms! I need help!

http://cdn.sheknows.com/articles/woman-with-accountant.jpg*I can help you. Im an accountant. If you bring me your tax forms, I can help you file your income taxes and answer all of your tax questions.19. ACCOUNTANT--a tax expert you pay to help you with tax forms.

http://www.fullcoll.edu/department-templates/type1-1/about.html*Im an accounting student. Call my college & make an appointment. I will help you for free.

DeductionsYou can lower your taxes if you add information on your return about

state and local taxes

gifts to charity

work expenses (travel, uniforms, education)*20. Deductions--Things you pay for that you list on a tax form. Listing deductions will lower your taxes.

Am I Required to File a Tax Return?John Garcia, 18, earned $4200 working at the local library and was paid $210 in interest from his bank savings account.

Filing Requirement Worksheet for Most Dependents 1. Enter dependent's earned income plus $300 2.Minimum amount $950 3.Compare lines 1 and 2. Enter larger amt4.Maximum amount 570 05.Compare lines 3 and 4. Enter smaller amount 6.Enter the dependent's gross (total) income. If line 6 is more than line 5, the dependent must file an income tax return.

Am I Required to File a Tax Return? Jill Williams, 18, had two jobs during the past year. She worked as a waitress at La Fogata, where she earned $6800 and as a summer counselor, where she earned $2400. Jill also made $75 in interest from her savings account.Do I have to file return WS

Filing Requirement Worksheet for Most Dependents 1. Enter dependent's earned income plus $300 2.Minimum amount $950 3.Compare lines 1 and 2. Enter larger amt4.Maximum amount 5700 5.Compare lines 3 and 4. Enter smaller amount 6.Enter the dependent's gross (total) income. If line 6 is more than line 5, the dependent must file an income tax return.

Did You Knowabout 90% of high school students earn about $7.05 per hour?about 1/3 of high school students work 40 hours per week in summer?about 25% of high school students work 35+ hours per week during the school year?that many teens save $1000 of summer wages?

I dont feel like paying taxes!

PAYING TAXES IS THE LAW.

*What happens if I dont pay?

*Dont be a tax evader!22. TAX EVADERS--People who dont pay taxes. When they are caught, they are punished with extra taxes and time in jail.

Where Does Your Money GO?*

Year 2000 in millions of dollarsNational Defense293,857Social Security247,384Interest on National Debt223,226Medicare197,115Health154,215OtherTotal Outlays1,788,140

*http://your-income-accelerator.info/tax-repayment/

Dont forget: April 15 is Tax Day. April 15 is Tax Day

In January, the payroll secretary will give you a W-2 form.The W-2 shows how much taxes were deducted from your paycheck.

In January, the payroll secretary will give you a W-2 form.The W-2 shows how much taxes were deducted from your paycheck.W-2 FORM--The payroll secretary will give you this form. It shows how much tax you paid last year.


none



36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750

$9,750


none



36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750


none



36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750Banks pay you to save money.


none



36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750


none



X 36,206.00

43.00 0

36,249.00

975.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750


none



X 36,206.00

43.00 0

36,249.00

9,750.00 26,499.00

4,452.00

4,452.00

3,536.00

916.00

$9,750


none



X

36,206.00

43.00 0

36,249.00

9,750.00 26,499.00

4,452.00

4,452.00

3,536.00 0 3,536.00 916.00

$9,750


none



X

Alexander Simpson 4-15-15 Pastry Chef 215-248-8888 36,206.00

43.00 0

36,249.00

9,750.00 26,499.00

4,452.00

4,452.00

3,536.00 0 3,536.00 916.00

$9,750

name date: What Do You Know about Income Taxes? 1. ______ , ______ and _________ mean money you earn from your job. 2. __________________ are money used to pay for government.. 3. Everyone must pay taxes by ___________________. 4. We must pay taxes to ________, __________ and _________ levels of government. 5. The ________ ______ _____ (____) collects taxes for the US Federal government. 6. The ____________ ____________ suggests our budget for government spending.. 7. ______________________ must approve the Presidents budget. 8. Your payroll secretary helps you pay taxes when you fill out a __________________. 9. A ______________ shows how much taxes you pay every time you get a paycheck.. 10. ______ pay is your pay before taxes; ____ pay is your pay after taxes are deducted.11. A ____________ shows how much taxes you pay for one year.12. Use your W2 Form to _____________________ that you paid your taxes. 13. The people who live with you that you care for are your _________________. 14. Save your tax papers for __________________ years.15. _______________________ can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a _______________.17. Tax _____________________ go to jail. 18. Nobody _______________ to pay taxes.

name date: What Do You Know about Income Taxes? 1. Income , salar and payche ckmean money you earn from your job. 2. Taxes are money used to pay for government. 3. Everyone must pay taxes by April 15. 4. We must pay taxes to Local, State and Federal levels of government. 5. The Internal Revenue Service (IRS) collects taxes for the US Federal government. 6. The White House suggests our budget for government spending. 7. Congress must approve the Presidents budget. 8. Your payroll secretary helps you pay taxes when you fill out a W4 Form. 9. A pay stub shows how much taxes you pay every time you get a paycheck.10. Gross pay is your pay before taxes; net pay is your pay after taxes are deducted.11. A W2 Form shows how much taxes you pay for one year. 12. Use your W2 Form to prove that you paid your taxes. 13.The people who live with you that you care for are your dependents. 14. Save your tax papers for seven years. 15. Accountants can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a refund.17. Tax evaders go to jail.18. Nobody likes to pay taxes.

name date: What Do You Know about Income Taxes? 1. Income , salaryand paycheck mean money you earn from your job. 2. Taxes are money used to pay for government. 3. Everyone must pay taxes by April 15. 4. We must pay taxes to Local, State and Federal levels of government. 5. The Internal Revenue Service (IRS) collects taxes for the US Federal government. 6. The White House suggests our budget for government spending. 7. Congress must approve the Presidents budget . 8. Your payroll secretary helps you pay taxes when you fill out a W4 Form. 9. A pay stub shows how much taxes you pay every time you get a paycheck.10. Gross pay is your pay before taxes; net pay is your pay after taxes are deducted.11. A W2 Form shows how much taxes you pay for one year. 12. Use your W2 Form to prove that you paid your taxes. 13.The people who live with you that you care for are your dependents. 14. Save your tax papers for seven years. 15. Accountants can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a refund.17. Tax evaders go to jail.18. Nobody likes to pay taxes.

name date: What Do You Know about Income Taxes? 1. Income, salary and paycheck mean money you earn from your job. 2. Taxes are money used to pay for government. 3. Everyone must pay taxes by April 15. 4. We must pay taxes to Local, State and Federal levels of government. 5. The Internal Revenue Service (IRS) collects taxes for the US Federal government. 6. The White House suggests our budget for government spending. 7. Congress must approve the Presidents budget . 8. Your payroll secretary helps you pay taxes when you fill out a W4 Form. 9. A pay stub shows how much taxes you pay every time you get a paycheck.10. Gross pay is your pay before taxes; net pay is your pay after taxes are deducted.11. A W2 Form shows how much taxes you pay for one year. 12. Use your W2 Form to prove that you paid your taxes. 13.The people who live with you that you care for are your dependents. 14. Save your tax papers for seven years. 15. Accountants can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a refund.17. Tax evaders go to jail.18. Nobody likes to pay taxes.

name date: What Do You Know about Income Taxes? 1. Income, salary and paycheck mean money you earn from your job. 2. Taxes are money used to pay for government. 3. Everyone must pay taxes by April 15. 4. We must pay taxes to Local, State and Federal levels of government. 5. The Internal Revenue Service (IRS) collects taxes for the US Federal government. 6. The White House suggests our budget for government spending. 7. Congress must approve the Presidents budget . 8. Your payroll secretary helps you pay taxes when you fill out a W4 Form. 9. A pay stub shows how much taxes you pay every time you get a paycheck.10. Gross pay is your pay before taxes; net pay is your pay after taxes are deducted.11. A W2 Form shows how much taxes you pay for one year. 12. Use your W2 Form to prove that you paid your taxes. 13.The people who live with you that you care for are your dependents. 14. Save your tax papers for seven years. 15. Accountants can help you fill out tax forms.16. If you paid too much tax, the IRS must send you a refund.17. Tax evaders go to jail.18. Nobody likes to pay taxes.

*Chapter 1*Chapter 1*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html

Hand out a sample W-4 (will later fill out) SEE p 59 in text for copy of form!*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html



Hand out a sample W-4 (will later fill out) SEE p 59 in text for copy of form!*W4 Quiz*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html*P 12 see sample on next slide*P 52*P 52*Chapter 7P 18*irs.gov website Publication 17

Do Activity P 14*P42005: See line 40 on 1040 form in box for sgl/married std deduction or irs.gov website Publication 17*P 26Chap 7 review1040 EZ quiz*P 26Chap 7 review1040 EZ quiz*P 26Chap 7 review1040 EZ quiz*P 46 - 50*Chapter 1*Chapter 6P 15

*Chapter 6P 15

*Chapter 6P 15

*P 26Chap 7 review1040 EZ quiz*Chapter 1*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html*http://www.irs.ustreas.gov/formspubs/lists/0,,id=97817,00.html*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52*P 52

Tax Day

Education

levels of government

levels of taxes

government spending

government services

us federal government

federal income taxes

income salary

tax forms