Chapter 14 Section 2: Federal Taxes
|
|
- Stuart Collins
- 6 years ago
- Views:
Transcription
1 Chapter 14 Section 2: Federal Taxes
2 Objectives: o Objectives: Describe the process of paying individual income taxes o Identify: the basic characteristics of corporate income taxes. o Explain: the purpose of Social Security, Medicare, and unemployment taxes. o Identify other types of taxes.
3 Luk_20:25 And he said unto them, Render therefore unto Caesar the things which be Caesar's, and unto God the things which be God's.
4 o The governments main source of revenue comes from the federal tax on individuals taxable income. o 43 percent of the governments revenue comes from this source.
5 Pay as You Earn Taxation: o The amount of federal income tax a person owes is determined on an annual basis. o In theory, the federal government could wait until the end of the tax year to collect individual income taxes. o In reality that would be a problem for both taxpayers and the government.
6 Pay as You Earn Taxation: o Like other employers, the government has to pay regularly for rent, supplies, services, and employers salaries. o A single annual payment from all the nations taxpayers at once make meeting these expenses difficult.
7 Pay as You Earn Taxation: o Similarly, many people might have trouble paying their taxes in one large sum. o For these reasons, federal income tax is collected in a pay-as-you-earn system. o This means that individuals usually pay most of their income tax throughout the calendar year as they earn income. o They have until mid-april of the following year to pay any additional income taxes they owe.
8 Tax Brackets: o The federal income tax is progressive tax. o In other words the tax rate raises with the amount of taxable income.
9 Tax Withholding: o Employers are responsible in part for carrying out the system of collecting federal income taxes. o They do so by withholding or taking payments out of your pay before you receive it. o The amount they withhold is based on an estimate of how much you will owe in federal income taxes for the entire year.
10 Tax Withholding: o After withholding the money, the employer forwards it to the federal government as an installment payment on your upcoming annual income tax bill.
11 Filing A Tax Return o After the calendar year ends, employers give their employees a report stating how much income tax has already been withheld and sent to the government. o The employee uses the information to complete a tax return. o A tax return is a form used to file income taxes. o On it, you declare your income to the government and figure out how much of that income is taxable.
12 Filing A Tax Return o Taxable Income is a person s gross or total income minus exemptions and deductions. o Gross income includes earned income, salaries, wages, tips, and commissions. o It also includes income from investment such as interest on savings account and dividends from stock.
13 Filing A Tax Return o Personal exemptions are set amounts that you subtract from the gross income for yourself, your spouse, and any dependents. o Tax deductions are variable amounts that you can subtract or deduct from your gross income. o Deductions include such items as interest on a mortgage, donations to charity, significant medical expenses, and state and local tax payments.
14
15 Filing A Tax Return o Once you determined how much tax you owe, you can apply any tax credits that you may be allowed. o A tax credit is an amount that you can subtract from the total amount of your income tax. o You can claim a credit for such things as a portion of the cost of child-care and higher education.
16 Filing A Tax Return o Completing a tax return allows you to determine whether the amount of income taxes you have already paid was higher or lower than the actual amount of tax you owe. o If you have paid more than you owe the government sends you a refund. o If you pay less than you owe, you must pay the balance to the government.
17 Filing A Tax Return o All federal income tax returns must be sent to the Internal Revenue Service or IRS by midnight on April 15 or the next business day if April 15 falls in a weekend.
18 Corporate Income Taxes: o Like individuals, corporations must pay federal income taxes made up just over 10 percent of federal revenues in recent years. o It can be difficult to determine corporate taxable income because they can make a lot of deductions. o They can subtract many expenses from their income before they reach the amount of income subject to taxation.
19 Corporate Income Taxes: o This includes cost of employers health insurance. o Social Security o Medicare o Unemployment Taxes.
20 Corporate Income Taxes: o In addition to withholding money for income taxes, employers withhold money for taxes authorized under the Federal Insurance Contributions Act (FICA). o Employees and employers of FICA share payments. o FICA taxes fund two large government social-insurance programs. o Social Security and Medicare.
21 Corporate Income Taxes: o In addition to withholding money for income taxes, employers withhold money for taxes authorized under the Federal Insurance Contributions Act (FICA). o Employees and employers of FICA share payments. o FICA taxes fund two large government social-insurance programs. o Social Security and Medicare.
22 Social Security Taxes: o Most FICA taxes you pay go to the social security administration to fund old-age, survivors, and disability insurance (OSADI), or social security. o Social Security provides benefits to surviving family members of wage earners and to people whose disabilities keep them from working.
23 Social Security Taxes: o Each year the government establishes an income cap for social security taxes. o No social security taxes could be withheld from a taxpayer s wages and salaries above that amount.
24
25 Medicare Taxes: o FICA taxes also fund Medicare. o The Medicare program is a national health insurance program that helps pay for the healthcare for people over age 65. o It also covers people with certain disabilities. o Both employees and self employed people pay the Medicare tax on all their earnings. o There is no ceiling as there is for social security.
26 Unemployment Taxes: o The federal government also collects an unemployment tax, which is paid by employers. o In effect the tax pays for an insurance policy for workers. o If workers are laid off from their jobs through no fault on their own, they can file an unemployment compensation claim and collect benefits for a fixed number of weeks.
27 Unemployment Taxes: o In order to receive the benefits, one most show that they are actively looking for another job. o The unemployment program is financed by both state and federal unemployment taxes.
28 Other Types of Taxes: o Federal Excise Tax: a general revenue tax for sale or manufacture of a good such as gasoline, cigarettes, alcohol, telephone services, cable TV, etc.
29 Other Types of Taxes: o Estate Tax: is a tax on the estate or total value of the money and property, of a person who has died. o It is paid out of the person s estate before the heirs receive their share. o A person s estate includes real estate, car, furniture, investments, painting, insurance, and money. o It is a progressive tax. o As of 2008, if the total value of an estate is $2 million or less, there is no federal estate tax.
30 Other Types of Taxes: o Gift Tax: is a tax on the money or property that one person living gives to another. o Under current law, a person can give up to $12,000 a year tax-free to each of several different people. o This is meant to avoid estate taxes by giving away their money before they died.
31 Other Types of Taxes: o Import Taxes: taxes on imported goods (foreign goods brought into the country) are called tariffs. o Today most tariffs are intended to protect American farmers and industries from foreign competitors rather than to generate revenue. o Tariffs raise the price of foreign items which help keep American products competitive.
32 Taxes That Affect Behavior: o The basic goal of taxation is to create revenue. o However, governments sometimes use tax policy to discourage the public from buying harmful products. o They also use taxes to encourage constructive or helpful behavior. o The use of taxation to discourage or encourage certain types of behavior is called a tax incentive.
33 Taxes That Affect Behavior: o Federal taxes on tobacco products and alcoholic beverages are examples of the so called sin taxes. o The main purpose is to discourage people from buying and using these products.
34 Incentives: o Incentives also come in the form of tax credits. o Congress has tried to encourage energy conservation by offering a variety of credits to consumers and the industry. o Such as solar panels, hybrid cars, etc.
35 Discussion Questions Where do you think the government should spend more tax dollars the most? Do you think sin taxes is a effective means to prevent people from purchasing harmful substances rather than banning them? (Write on the blank portion of your handout)
During fiscal year 2004, the federal government
Preview Objectives After studying this section you will be able to: 1. Describe the process of paying individual income. 2. Explain the basic characteristics of corporate income. 3. Understand the purpose
More information14-1: How Taxes Work NOTES
14-1: How Taxes Work NOTES Learning Target 1. I will demonstrate my understanding of the different types of taxes and what tax revenue is used for. Government Revenue Tax: a mandatory payment to a local,
More informationHOW MUCH SHOULD THE FOLLOWING INDIVIDUALS PAY IN TAXES?
TAXES TAXES Taxes are required contributions, levied by the government on personal income and business profits or added to the cost of some goods, services, and transactions. Raise revenue to finance government
More informationWhat Are Taxes? Chapter 14 Section Main Menu
What Are Taxes? How are taxes used to fund government programs? What are three types of tax structures? What are the characteristics of a good tax? Who bears the burden of a tax? Funding Government Programs
More informationChapter 6. Paying Taxes Pearson Education, Inc. All rights reserved
Chapter 6 Paying Taxes 2010 Pearson Education, Inc. All rights reserved Learning Objectives Describe the basic principles of taxation and the major categories of taxes. Explain payroll taxes Describe the
More informationIntroduction. Income Tax: percentage of your income collected by the government to fund its services and programs
Introduction Income Tax: percentage of your income collected by the government to fund its services and programs Tax revenue pays for national defense, fire and police protection, road construction, schools,
More informationEcon Ch. 9 Practice Test II
Econ Ch. 9 Practice Test II Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The incidence of a tax can more effectively be shifted from the supplier to
More information4/5/2012. Chapter 16: Financing Government Section 1
Chapter 16: Financing Government Section 1 Objectives 1. Explain how the Constitution gives Congress the power to tax and places limits on that power. 2. Identify the most significant federal taxes collected
More informationChapter. Federal Income Tax. 7.1 Our Tax System 7.2 Filing Tax Returns South-Western, Cengage Learning
Chapter 7 Federal Income Tax 7.1 Our Tax System 7.2 Filing Tax Returns 2010 South-Western, Cengage Learning Lesson 7.1 Our Tax System GOALS Why do we pay taxes? What are the different types of taxes? Describe
More information2) Knowledge of individual income taxes is crucial to sound financial planning. Answer: TRUE Diff: 1 Question Status: Previous edition
Personal Finance, 6e (Madura) Chapter 4 Using Tax Concepts for Planning 4.1 Background on Taxes 1) Knowledge of tax laws can help you conserve your income. 2) Knowledge of individual income taxes is crucial
More informationCHAPTER 9 Sources of Government Revenue
CHAPTER 9 Sources of Government Revenue Section 1, Chapter 9 1 2 ECONOMIC IMPACT OF TAXES Taxes affect the four factors of production land, labor, capital, and entrepreneurship. A tax placed on a good
More informationUNIT 3B KEYNESIAN ECONOMICS AND FISCAL POLICY THE ROLE OF GOVERNMENT IN THE ECONOMY
UNIT 3B KEYNESIAN ECONOMICS AND FISCAL POLICY THE ROLE OF GOVERNMENT IN THE ECONOMY The slides with the s include information not covered on the AP Exam and thus will not be on the unit test. AD = C +
More informationHere are the numbers for :
Page 1 of 7 Here are the numbers for 2018-2019: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 128,400 $ 132,900 Tax Rate (Employee)
More informationHere are the numbers for :
Page 1 of 7 Here are the numbers for 2017-2018: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 127,200 $ 128,400 Tax Rate (Employee)
More informationProfit Sense YEAR-END PLANNING INDIVIDUALS. In This Issue
Never ignore an IRS notice. It won t go away. Deal with it promptly to reduce any penalties and interest. Penalty Increase You should be aware that the penalty for failure to maintain qualifying health
More informationFederal Individual Income Tax Terms: An Explanation Mark P. Keightley Specialist in Economics. May 31, 2017
Federal Individual Income Tax Terms: An Explanation Mark P. Keightley Specialist in Economics May 31, 2017 Congressional Research Service 7-5700 www.crs.gov RL30110 Summary Described in this report are
More informationA tax is:,, and taxes account for. For many workers, are their single annual. expense, even more than, shelter, transportation,
Taxes Guided Notes: What are Taxes: A tax is:.,, and taxes account for more than 35% of the average families expenses. For many workers, are their single annual expense, even more than, shelter, transportation,,
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More informationChapter 9 Sources of Government Revenue
Chapter 9 Sources of Government Revenue Did You Know? To help the ailing yacht industry, which suffered great losses after the 1991 luxury tax was imposed, Representative Patrick J. Kennedy introduced
More informationThe IRS Will Figure Your Tax
Department of the Treasury Internal Revenue Service Publication 967 Cat. No. 22402M The IRS Will Figure Your Tax Introduction You can have the IRS figure your tax on Form 1040EZ, Form 1040A, or Form 1040
More informationCHAPTER 1 Introduction to Taxation
CHAPTER 1 Introduction to Taxation CHAPTER HIGHLIGHTS A proper analysis of the United States tax system begins with an examination of the tax structure and types of taxes employed in the United States.
More informationChapter 13 Payroll Accounting, Taxes, and Reports
Chapter 13 Payroll Accounting, Taxes, and Reports -- The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll and payroll tax reports. Journal
More informationTax Determination, Payments, and Reporting Procedures
CCH Essentials of Federal Income Taxation Tax Determination, Payments, and Reporting Procedures 2002, CCH INCORPORATED 4025 West Peterson Ave. Chicago, IL 60646-6085 http://tax.cchgroup.com Taxpayer Filing
More informationNAME: CLASS PERIOD: What Are All These Deductions from My Paycheck?
7.1 NAME: CLASS PERIOD: What Are All These Deductions from My Paycheck? It's exciting to receive your first paycheck. But for many young people, that first rush of excitement soon yields to disappointment.
More informationThe Small Business Employment Tax Guide
The Small Business Employment Tax Guide Roanoke Regional Small Business Development Center 210 S. Jefferson Street, Roanoke, Virginia 24011 www.roanokesmallbusiness.org Roanoke Small Business Development
More informationTo Roth or Not Revised September 2013
Introduction To Roth or Not Revised September 2013 Tax law allows all taxpayers (without income limitation) to convert all or part of their traditional IRAs to Roth IRAs. Even though conversion to Roth
More informationBusiness and Personal Finance Unit 4 Chapter Glencoe/McGraw-Hill
0 Chapter 12 Planning Your Tax Strategy What You ll Learn Section 12.1 Discuss the importance of tax planning. Identify your taxable income. Explain deductions and tax credits. Explain the W-4 form. Section
More informationTaxes Primer September 27, 2013
Taxes Primer September 27, 2013 WHERE DOES THE MONEY COME FROM? Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which
More informationPaying Your Income Taxes. Advanced Level
Paying Your Income Taxes Advanced Level What are taxes? A sum of money demanded by a government for support of itself and specific programs and services; paid by taxpayers Take Charge Today February 2017
More informationStudent's Guide to Federal Income Tax
Publication 4 Cat. No. 46073X Department of the Treasury Internal Revenue Service Student's Guide to Federal Income Tax For use in preparing 1998 Returns Contents Introduction... 2 Where Do My Tax Dollars
More informationTaxation-Overview (Chapter 18)
(Chapter 18) So far, we have talked about different government expenditure items: Education Social Security Health insurance Welfare programs How does local and federal governments finance such programs?
More informationNAME: CLASS PERIOD: What Are All These Deductions from My Paycheck?
7.1 NAME: CLASS PERIOD: What Are All These Deductions from My Paycheck? It's exciting to receive your first paycheck. But for many young people, that first rush of excitement soon yields to disappointment.
More informationTAX QUESTIONS
This Questionnaire is one of the FIVE Minimum Tax Packet Items Page 1 of 7 Taxpayer Names This short questionnaire covers most of the tax reporting areas that I need to know about to prepare accurate tax
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 30, 2015 JCX-70-15 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More informationUnderstanding Taxes. and understanding your paycheck!
Understanding Taxes and understanding your paycheck! Summarize the purpose of paying taxes. Recognize the parts of a paystub. Differentiate between net and gross income. Explain what W-2 and W-4 forms
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2014
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2014 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 28, 2014 JCX-25-14 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More informationSELF-EMPLOYMENT & ESTIMATED TAX PAYMENTS
SELF-EMPLOYMENT & ESTIMATED TAX PAYMENTS Self-employed individuals must pay self-employment tax (SE tax) as well as income tax on the profits from their business. SE tax is a Social Security and Medicare
More informationNJ Tests Tax Year Test # One Test Scenario. Type of account: Savings. Routing Number: Account Number:
1 of 51 NJ Tests Tax Year 2007 Test # 1 400-00-6301 One Test Scenario Forms: NJ-1040 Notes: Direct Deposit of Refund Type of account: Savings Routing Number: 123456780 Account Number: 1221221222 NJ-1040
More informationA GUIDE TO 2017 TAX LAW CHANGES (AND MORE)
A GUIDE TO 2017 TAX LAW CHANGES (AND MORE) Presented by Zuk Financial Group As taxpayers and tax preparers send in 1040 forms for 2016, they are also wondering about the changes to federal tax law that
More informationTAX QUESTIONS
Page 1 of 6 This Questionnaire is one of the FIVE Minimum Tax Packet Items Taxpayer Names This short questionnaire covers most of the tax reporting areas that I need to know about to prepare accurate tax
More information7.4: FORMS 1040 EZ AND 1040A OBJECTIVES
Section 7.4: FORMS 1040 EZ AND 1040A OBJECTIVES Complete form 1040EZ. Complete form 1040A. Key Terms Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction Chapter 7: Income Taxes
More informationPaying Your Income Taxes
Paying Your Income Taxes Advanced Level Taxes they re a part of everyday life. Perhaps you ve overheard a significant adult in your life talk about taxes, sometimes accompanied by a groan. For many people,
More information2017 Year-End Tax Planning
& C O M PA N Y, L L C, C PA s 2017 Year-End Tax Planning 1101 Wootton Parkway, Suite 400 Rockville, MD 20852 Phone: (301) 260-0809 Fax: (202) 204-6322 950 North Washington, St Suite 238 Alexandria, VA
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS UPDATED NOVEMBER 1, 2007 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION Time again to begin formulating your year-end tax strategies. As in the past,
More informationTAX ORGANIZER Tax Year THINGS TO BRING (or send to us if no appointment)
TAX ORGANIZER - 2018 Tax Year THINGS TO BRING (or send to us if no appointment) NEW CLIENTS ONLY: Copy of prior year tax return. Please provide birthdates and social security numbers for all taxpayers
More informationFiling status: Single Married filing jointly Married filing separately Head of household Qualifying widow(er)
-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 018 IRS Use Only-Do not write or staple in this space. Filing status: Single Married filing jointly Married filing separately Head
More informationTable of contents. 2 Federal income tax rates 12 Required minimum distributions. 4 Child credits 13 Roth IRAs
2017 tax guide Table of contents 2 Federal income tax rates 12 Required minimum distributions 4 Child credits 13 Roth IRAs 5 Taxes: estates, gifts, Social Security 15 SEPs, Keoghs 6 Rules on retirement
More informationChapter 10 Payroll Computations, Records, and Payment
Chapter 10 - Payroll Computations, Records, and Payment Chapter 10 Payroll Computations, Records, and Payment TEACHING OBJECTIVES 10-1) Explain the major federal laws relating to employee earnings and
More informationFrequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS
Frequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS These frequently asked questions and answers are provided for general information purposes only and should not be cited as any type of
More informationChapter 12. Objectives:
Chapter 12 Objectives: 1. Define accounting terms related to payroll records 2. Identify accounting practices related to payroll records 3. Complete a payroll time card 4. Calculate payroll taxes 5. Complete
More informationExecutive Compensation
Executive Compensation Bulletin IRS Issues Two Final Rules With Implications for High-Income Taxpayers Russ Hall and Steve Seelig, Towers Watson January 13, 2014 Recently, the Internal Revenue Service
More informationCHAPTER 12 PREPARING PAYROLL RECORDS
I. Paying Employees CHAPTER 12 PREPARING PAYROLL RECORDS A. Hobby Shack employs several people to work in the business, and they record the time they work each day. B. Periodically they pay its employees
More informationCertain Medicaid Waiver Payments May Be Excludable From Income
Certain Medicaid Waiver Payments May Be Excludable From Income Update: New Q&A's 1-20 were added on February 23, 2015. On January 3, 2014, the Internal Revenue Service issued Notice 2014-7, 2014-4 I.R.B.
More information2018 Year-End Tax Planning
2018 Year-End Tax Planning October 2018 1101 Wootton Parkway Suite 400 Rockville, Maryland 20852 Phone: 301.924.2160 Fax: 202.204.6322 2 Year-End Tax Planning - Overview As year end approaches, it's a
More information2017 Year-End Tax Planning
2017 Year-End Tax Planning If you've been following the news out of Washington, you probably know that for the first time in decades, tax reform is a real possibility. Given that both the House and the
More information2016 Year-End Tax Planning for Individuals
2016 Year-End Tax Planning for Individuals Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you
More informationDid your marital status change during the year? Did your address change during the year? Were there any changes in dependents?
Page 1 If any of the following items pertain to you or your spouse for 2018, please check the appropriate box and provide additional information if necessary. For questions that do not apply to you, simply
More informationSponsored by University Student Financial Services PERSONAL TAXES. Jodi R. Kessler, LLM Tax Manager Harvard University
Sponsored by University Student Financial Services PERSONAL TAXES Jodi R. Kessler, LLM Tax Manager Harvard University 1 DISCLAIMER Federal income tax; states may differ Information is specific to US citizens
More informationDon t fill in cents. Round off cents to the nearest dollar. For example, $99.49 becomes $99.00, and $99.50 becomes $
Page 1 of 3, 150-206-643 (Rev. 08-18) Oregon Department of Revenue 04131801010000 Instructions: Read Oregon Income Tax Withholding Information prior to completing this worksheet. Complete Part A to determine
More informationChapter 7. Federal Income Tax. "In this world nothing is certain but death and taxes. - Benjamin Franklin
Chapter 7 Federal Income Tax "In this world nothing is certain but death and taxes. - Benjamin Franklin Lesson 7.1 Our Tax System GOALS Discuss the purpose of taxes, different types of taxes, and the history
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationYour personal budget. Page 1. Your income. Salary and wages
Page 1 Your personal budget Before you can decide what is the best way to deal with your debts, you will need to work out a personal budget. The options you have will depend on how much money you have
More informationThe 2017 Tax Cuts & Jobs Act
Dedicated to making your life less taxing Winter 2017-2018 Compliments of: Davis Tax & Financial 99 Abington Road Danvers, MA 01923 O: (978) 777-4645 C: (617) 962-1563 taxpro@davistaxandfinancial.com www.davistaxandfinancial.com/
More information2017 Fingertip Tax Guide
2017 Fingertip Tax Guide INCOME TAXES 2017 If Taxable Income Is: 1 Married Filing Jointly Estates and Trusts Single $0 $18,650 $0 + 10% $0 $18,650 $75,900 $1,865 + 15% $18,650 $75,900 $153,100 $10,452.50
More information2017 Year-End Tax Memo
2017 Year-End Tax Memo An Annual Publication of Large & Gilbert, Inc. January 2018 Large & Gilbert, Inc., is a full service CPA firm specializing in Accounting, Tax, Consulting, Business Advisory, Wealth
More informationTAX ORGANIZER. If you answer 'Yes' to any of the General Business and Investment questions, please provide detailed information with your answer.
TAX ORGANIZER Enclosed is your Tax Organizer for tax year 2011. Your Organizer contains several sections that include common expenses and deductions that many taxpayers overlook. Please review these sections
More informationChapter 3. Objective 1 Identify the Major Taxes Paid by People in Our Society Planning Your Tax Strategy. Chapter Objectives
Chapter 3 Taxes in Your Financial Plan McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Taxes in Your Financial Plan Chapter Objectives 1. Identify the major taxes
More informationTAX ORGANIZER Page 3
TAX ORGANIZER Page Basic Taxpayer Information Taxpayer Spouse Taxpayer Spouse First Name Initial Last Name Social Security No. Check if Date of Occupation Dependent Presidential Birth Disabled Blind of
More informationHere are the numbers for :
Page 1 of 8 Here are the numbers for 2016-2017: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 118,500 $ 127,200 Tax Rate (Employee)
More informationUMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement
UMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement PART ONE:DESCRIPTION OF TRADITIONAL IRAs Part One of the Disclosure Statement describes the rules applicable to traditional IRAs.
More informationUnited States: Summary of key 2017 and 2018 federal tax rates and limits many changes after tax reform
www.gmsasia.pwc.com United States: Summary of key 2017 and 2018 federal tax rates and limits many changes after tax reform April 2018 In brief The following is a high-level summary of some key individual
More informationIn the District Court of County, Utah. Court Address
My Name This is a private record. Address City, State, Zip Phone Email I am the In the District Court of County, Utah Court Address Financial Declaration v. Case Number Judge Commissioner Instructions:
More informationTHE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now
THE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now Rich Shavell, CPA, CVA, CCIFP Shavell & Company, P.A. info@shavell.net www.shavell.net 1 THE DISCLAIMER Information provided herein
More informationYour money goals. Choosing a goal
Choosing a goal 01 Your money goals Next, think about a money goal that you most want to pursue towards that dream. Write down some ideas on how you could start working towards them. My money goal is:
More informationUMB BANK, N.A INFORMATION KIT
UMB BANK, N.A UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT (EFFECTIVE DECEMBER 1, 2016) 600 University Street, Suite 2412 Seattle, WA 98101 Main: 206.838.9850 Toll Free: 877.701.2883 Fax: 206.838.9851
More informationU.S. Nonresident Alien Income Tax Return. Of what country were you a citizen or national during the tax year?
1040NR U.S. nresident Alien Income Tax Return OMB. 1545-0089 2002 Form For the year January 1 December 31, 2002, or other tax year Department of the Treasury Internal Revenue Service beginning, 2002, and
More informationPAGE ONE Economics. Income Tax: Facts and Filings. Jeannette N. Bennett, Senior Economic Education Specialist. Introduction
PAGE ONE Economics Income Tax: Facts and Filings Jeannette N. Bennett, Senior Economic Education Specialist GLOSSARY Adjusted gross income: Gross income minus specific adjustments. File (a tax return):
More informationTaxation STEP BY STEP
Teacher s Guide Time Needed: One to two class periods Materials Needed: Student worksheets Projector (optional) Transparencies (3, or project from computer; optional) Copy Instructions: Reading (2 pages;
More informationTAX LETTER. January 2016
TAX LETTER January 2016 DRAFT LEGISLATION FOR 2016 TAX CHANGES FINANCE PROPOSES CHANGES TO RULES GOVERNING SPOUSAL AND SIMILAR TRUSTS TAX-FREE TRANSFERS OF PROPERTY TO YOUR CORPORATION CAPITAL DIVIDENDS
More informationAt the end of Class 20, you will be able to answer the following:
1 Objectives for Class 20: The Tax System At the end of Class 20, you will be able to answer the following: 1. What are the main taxes collected at each level of government? 2. How do American taxes as
More informationAlien Tax Home Representation Form
Alien Tax Home Representation Form I have reviewed the attached tax home information for aliens and/or have consulted with my tax advisor and make the following good faith representation (please check
More informationGwinnett County Public Schools
Gwinnett County Public Schools PST Retirement Plan Internal Revenue Service (IRS) Information 2002-2 I.R.B.(Modified 1-1-2009) Safe Harbor Explanation for Plans Qualified Under Section 401(a), Section
More informationKENNETH M. WEINSTEIN,
Dear Client: KENNETH M. WEINSTEIN, CPA AND CFP 1450 Niagara Falls Boulevard, Suite #202 Tonawanda, NY 14150-8440 (716) 837-2525 ~ FAX (716) 837-2527 E-Mail: kweinsteincpa@gmail.com The enclosed 2015 Tax
More informationCHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES
CHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES 2 STARTING A BUSINESS 3 CHILDREN: Exemptions, Credits And Income Shifting Techniques Children invariably mean you will need to incur additional,
More informationTraditional and Roth IRAs. Information Kit, Disclosure Statement and Custodial Agreement
Traditional and Roth IRAs Information Kit, Disclosure Statement and Custodial Agreement UMB Bank, n.a. Universal Individual Retirement Account Disclosure Statement (EFFECTIVE DECEMBER 1, 2016) Part One:
More informationTax Goddess Business Services, PC 5743 E Thomas Rd Ste. 6 Scottsdale, AZ
March 10, 2012 Tax Goddess Business Services, PC 5743 E Thomas Rd Ste. 6 Scottsdale, AZ 85251-7571 Client, Dear : The Tax Organizer will assist you in collecting and reporting information necessary for
More informationP A R N A S S U S F U N D S
PARNASSUS FUNDS P A R N A S S U S F U N D S Useful information about IRAs What is a Traditional IRA? A traditional IRA is an Individual Retirement Account that allows you to put away money for your retirement
More informationIncome Tax Information About Pay Equity Employment Income and Pay Equity Interest Payments Received in 2000
Income Tax Information About Pay Equity Employment Income and Pay Equity Interest Payments Received in 2000 2 Table of Contents Page Introduction..3 Part 1 - General tax information 4 Part 2 - Tax information
More informationDeferred Compensation Plan Request for Distribution of Funds
Deferred Compensation Plan Request for Distribution of Funds 1. Personal Information Name Social Security # Address City State Zip Code Date of Birth Telephone Number (day) (night) 2. Eligibility Termination
More information2018 Tax Form Updates
2018 Tax Form Updates Overview of 2018 Changes Effective Dates W-4 and A-4 Forms Availability When to file a new form Completing the forms TCJA Tax Cuts and Jobs Act Tax Myths Tax Rates What changed, and
More information26 CFR : Return of information as to payments to employees. (Also )
Part I Section 6041.--Information at Source. (Also 3121, 3401, 6051) 26 CFR 1.6041-2: Return of information as to payments to employees. (Also 1.6041-1) Rev. Rul. 2000-6 ISSUE How do the information reporting
More informationPresident Obama's 2016 Federal Budget Proposal
President Obama's 2016 Federal Budget Proposal March 10, 2015 by Tim Steffen On the heels of his first State of the Union address to the nation after the mid-term elections, President Obama released his
More informationThe New Tax Relief Act: How Will You Be Impacted?
STRATEGIC THINKING The New Tax Relief Act: How Will You Be Impacted? The President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( the Act ) on December 17th,
More informationGENERAL INCOME TAX INFORMATION
GENERAL INCOME TAX INFORMATION TABLE OF CONTENTS Taxes on Loans from the Annuity Savings Fund 1 (Tier 1 and 2 Members Only) Taxes on the Withdrawal of the Annuity Savings Fund at Retirement 2 (Tier 1 and
More informationSPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS Excerpted from IRS Notice
SPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS Excerpted from IRS Notice 2002-3 This notice explains how you can continue to defer federal income tax on your retirement savings in your Employer
More informationBuilding Your Retirement Security
Building Your Retirement Security Weld County Retirement Plan Effective July 1, 2000 Introduction The Weld County Retirement Plan (the plan ) is a 401(a) defined benefit plan adopted by the County effective
More informationWhat s In My Paycheck? compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer. What s In My Paycheck?
compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer wages: money paid or received for work or services completed, usually by the hour, day, or week hourly
More informationRollover Distribution Notice
Rollover Distribution Notice GENERAL INFORMATION This notice contains important information you need before you decide how to receive your retirement plan benefits. This notice is provided to you by your
More informationWhat the New Tax Laws Mean to You
What the New Tax Laws Mean to You The American Taxpayer Relief Act of 2012 and other 2013 tax provisions January 2013 White Paper AN OVERVIEW OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012 AND OTHER 2013
More informationPersonal Financial Literacy
Personal Financial Literacy 7 Unit Overview Being financially literate means taking responsibility for learning how to calculate income taxes on wages and how to create a budget to plan your spending and
More information