1 / 8

US Tax System

US Tax System. For EHS Economics Class Mrs. Kinner. Taxpayer Rights and Responsibilities. Rights – Privacy Appeal IRS decisions Responsibilities – File your return File on time File with accuracy. Voluntary compliance Pay as you go When to file - due d ates Where to file

malana
Télécharger la présentation

US Tax System

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. US Tax System For EHS Economics Class Mrs. Kinner

  2. Taxpayer Rights and Responsibilities • Rights – • Privacy • Appeal IRS decisions • Responsibilities – • File your return • File on time • File with accuracy

  3. Voluntary compliance • Pay as you go • When to file - due dates • Where to file • What to file: • 1040 • 1040A • 1040EZ

  4. When you work… • Form W-4 • Allowances • Change as necessary

  5. Deductions to your pay… • FICA (social security) 6.2% -- matched funds • Medicare 1.45% -- matched funds • Federal Income Tax (based on your W-4) • State Income Tax (not in SD, but…do you work in MN?) • Other deductions

  6. Preparing your taxes… • Form W-2 (s) • Forms 1099 (s) • Other sources of income – importance of record keeping

  7. IRS • Enforcement agency – service centers & offices • Audits – 3 scenarios • Owe more tax • Owe less tax & get a refund  • Same as was (AOK) • Tax Fraud - illegal • Tax Evasion - illegal • Tax Avoidance - LEGAL

  8. 1040EZ • Most qualifications • Earn under $100,000 • Only wages, tips, etc. • No credits • No dependents

More Related