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7-4 FORMS 1040 EZ AND 1040A

7-4 FORMS 1040 EZ AND 1040A. OBJECTIVES. Complete form 1040EZ. Complete form 1040A. Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction. Key Terms. Example 1.

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7-4 FORMS 1040 EZ AND 1040A

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  1. 7-4FORMS 1040 EZ AND 1040A OBJECTIVES Completeform 1040EZ. Completeform 1040A.

  2. Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction Key Terms

  3. Example 1 Elizabeth Allison is a food editor for a magazine. She has received a W-2 form from her employer and a 1099 form from her savings bank. What is Elizabeth’s taxable income for the year if she files as a single taxpayer?

  4. Example 2 What is Elizabeth’s taxable income? What is Elizabeth’s tax?

  5. EXAMPLE 3 Does Elizabeth get a refund or owe the government money? In either case, determine that amount.

  6. CHECK YOUR UNDERSTANDING Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Does he get a refund or owe money? In either case, what is the amount?

  7. EXAMPLE 4 How many exemptions can Mr. and Mrs. Omar claim?

  8. EXAMPLE 5 Determine the Omars’ adjusted gross income. They received $987 interest on bank deposits and $1,200 in stock dividends.

  9. EXAMPLE 6 Determine the Omars tax for the year.

  10. EXAMPLE 7 Do the Omars get a refund or owe the government money? In either case, determine that amount.

  11. CHECK YOUR UNDERSTANDING Suppose that Kenya had an additional $50 withheld from each of his biweekly paychecks. How would that change the amount reported on his W-2 form? With the additional money withheld, would they have gotten a refund or owed the government money?

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