W-2
The paper you get from your job to help file your taxes.
What is a W-2?
A tax based on the amount of taxable income you collect.
What is income tax?
When filing your taxes, you claim them because you finacially support them.
What is a dependant?
Collection of money based on the value of your home or land.
What is property Tax
The more money you make, the more percentage of tax you pay.
What is progressive tax?
The taxes that are taken out based on where you live.
What are state and county taxes?
What is local tax?
A percent tax that does not change based on price.
What is Flat Tax?
A tax system that uses tax brackets that change based on how much you make.
What is porportional tax?
Collection of money based on the items you have purchased.
What is Sales Tax?
Using the handout figure 3:
What is the amount of taxes you pay if you make $82,251?
$17,008.53
What are the four ways you can file your taxes?
Single, married filling jointly, married filing single, and head of household.
The more money you make, the less percentage of tax you pay.
What is regressive tax?
Lowers the amout of your taxable income.
What is a tax exemption?
Using the handout and figure 1:
Abe is single. His taxable income is $83,492. How much does Abe owe in taxes?
$17,351
What does IRS stand for?
Internal Revenue Service
Using handout figure 5:
What is the amount of money that was paid to federal taxes?
$4,000.00
Using handout figure 4:
What are the first three intervals for figure 4?
0 < x less than or equal to $16,050
$16,050 < x less than or equal to $65,100
$65,100 < x less than or equal to $131,450
What are 2 things you must need/have to qualify for a 1040EZ.
Taxable income is less than $100,000
No Dependants
Taxable interest no more than $1,500
Must file single, married jointly, or married seperatly.
Must make all your money from wages, tips, or Alaskan Fund.
Quinn Files as Head of Household. His tax is $14,406. What is the range of his taxable income?
$77,350 - $77,400
Using the handout figure 3:
How much taxes do you pay if you make $23,872?
$3,179.55
If Dr. B money only needed to pay $3,250 in federal taxes, how much would his refund be?
$750
Using Handout Figure 4:
What is the piecewise function for the first three brackets of figure 4?
On paper
What is the main difference between a 1040EZ and a 1040A
In a 1040A you can file with dependants.
The divisions of taxes changing in a progressive or regressive system.
What is a Tax Bracket?
Using handout figure 3:
If you have to pay about $40,000 in taxes, what taxable income range are you in?
Over $78,850 but not over $164,550.