ghosey
Uploaded by
5 SLIDES
69 VUES
50LIKES

Taxes and Your Paycheck for Financial Literacy

DESCRIPTION

Learn about payroll, income, and social insurance taxes, including FICA, Social Security, and Medicare. Discover how withholding affects your gross and net income. Get insights on Form W-4, allowances, tax forms like 1040EZ, W-2, and 1099-INT.

1 / 5

Télécharger la présentation

Taxes and Your Paycheck for Financial Literacy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CHAPTER 5 Taxes and Your Paycheck

  2. NOTES The Gov’t receives most of its revenue from? • Payroll taxes: taxes based on employee’s earnings • Income taxes: taxes you pay on your income • More you make, the more you pay • Social insurance taxes: taxes you pay to support social programs • FICA: Federal Insurance Contribution Act • Social security • Medicare • IRS: Internal Revenue Service Collects income taxes

  3. NOTES Paycheck Stub • Withholding: Boss subtracts money from your paycheck for your taxes • Gross income: Pay before taxes are taken out • Net income: Pay after withholdings are taken out from your gross pay

  4. NOTES • Form W-4: A form that provides your boss information on your tax withholdings • Allowances: Number that reduces the amount of money withheld from your pay • 0 (most withheld) pay more each pay check • 1 (middle) • 2 (least withheld) pay more at end of year

  5. NOTES • 1040EZ: tax return form to determine if you will owe or receive a refund (by April 15th) • W-2: sent by employer to you and IRS to report income and taxes (by Jan 31) • 1099-INT: sent by bank to you and IRS to report interest (by Jan 31)

More Related