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US Tax System

US Tax System

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US Tax System

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  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