How to Pay Income Taxes

1

Observe the following W2:

What was the gross annual income?

1

Circle where you found the gross annual income:

1

Observe the following W2:

How much Federal Income Tax was paid in 2015?

1

Circle where you found how much Federal Tax was paid

1

In 2015 the standard deduction was $6300. Use this idea to determine what is the taxable income for the federal income tax for the employee in problems 1-4:

1

Based on the previous answers how much can this person expect to recieve back from their tax return?

1

Observe the following W2:

How much tax was paid to the FICA taxes? (SS and Medicare)

1

Will you recieve your FICA taxes back when you file your annual tax return?

1

Was there any state income tax paid?

1

Circle the box where you found how much State Income tax was paid (or not paid)

1

Observe the following W2:

What is the difference between the amounts in box 1 and box 5?

1

Why is there a difference between box 1 and box 5 in this situation?

1

Prove the Medicare wages take were withheld are correct. (Remember Medicare is 1.45% of income)

1

After the standard deduction of $12,200 (the S.D for 2019 taxes) is applied, how much income will be taxed for Federal Taxes?

1

Use https://www.irs.gov/pub/irs-prior/i1040tt--2019.pdf to determine how much Federal Income Tax is owed:

1

Note how much tax the taxpayer has already paid!!! When they file their taxes, how much will they owe or recieve!

1

Observe the following W2:What was the gross annual income?

Circle where you found the gross annual income:

Observe the following W2:How much Federal Income Tax was paid in 2015?

Circle where you found how much Federal Tax was paid

In 2015 the standard deduction was $6300. Use this idea to determine what is the taxable income for the federal income tax for the employee in problems 1-4:

Based on the previous answers how much can this person expect to recieve back from their tax return?

Observe the following W2:How much tax was paid to the FICA taxes? (SS and Medicare)

Will you recieve your FICA taxes back when you file your annual tax return?

Was there any state income tax paid?

Circle the box where you found how much State Income tax was paid (or not paid)

Observe the following W2:What is the difference between the amounts in box 1 and box 5?

Why is there a difference between box 1 and box 5 in this situation?

Prove the Medicare wages take were withheld are correct. (Remember Medicare is 1.45% of income)

After the standard deduction of $12,200 (the S.D for 2019 taxes) is applied, how much income will be taxed for Federal Taxes?

Use https://www.irs.gov/pub/irs-prior/i1040tt--2019.pdf to determine how much Federal Income Tax is owed:

Note how much tax the taxpayer has already paid!!! When they file their taxes, how much will they owe or recieve!

If someone owes $1200 after their deductions, and they recieve a $500 tax credit, how much will they owe on their taxes?

Observe the following W2:

What was the gross annual income?

Observe the following W2:

How much Federal Income Tax was paid in 2015?

Observe the following W2:

How much tax was paid to the FICA taxes? (SS and Medicare)

Observe the following W2:

What is the difference between the amounts in box 1 and box 5?