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Chapter 4: Managing Taxes

Chapter 4: Managing Taxes. Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who should file an income tax return. Objectives. Describe the two ways of paying taxes: payroll withholding and estimated taxes.

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Chapter 4: Managing Taxes

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  1. Chapter 4: Managing Taxes

  2. Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who should file an income tax return. Objectives

  3. Describe the two ways of paying taxes: payroll withholding and estimated taxes. Identify the eight planning steps involved in calculating federal income taxes. Understand planning strategies to legally avoid overpayment of income taxes. Explain the basics of IRS audits. Objectives

  4. Reduction Deferment Elimination What is Tax Management? • ATTENTION! • A PLANNING PROCESS FOR TAX:

  5. Administration/Classification of Income Taxes • Federal tax laws • Progressive nature of income tax • Regressive • Marginal tax rate • Effective marginal tax rate • Average tax rate

  6. The Progressive Nature of the Federal Income Tax-2009 If your filing status is Single The Tax Rate Schedule is shown so you can see the tax rate that applies to all levels of taxable income. It is not used to figure ones’ taxes.

  7. The Progressive Nature of the Federal Income Tax-2009 If your filing status is Married filing jointly The Tax Rate Schedule is shown so you can see the tax rate that applies to all levels of taxable income. It is not used to figure ones’ taxes.

  8. Who Should File a Tax Return? • Earned income • Unearned income • Transfer payments • STUDENTS WITH:

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