Lesson 2 2 federal income taxes

    • [PDF File]Teacher Lesson Plan - IRS tax forms

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      Form W-2 reports wages, salaries, tips, and federal income tax withheld as well as Social Security and Medicare taxes withheld. • What do you do with your Form W-2? Form W-2 is used to prepare the individual income tax return. Note: Refer students who may want to work independently on this module to Student Lesson—Wage and Tip Income.

    • [PDF File]Income and Taxes - Oklahoma State Department of Education

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      Exemptions: Legal allowances that reduce the amount of income taxes subtracted from your gross income. FICA: Federal Insurance Contributions Act. Gross income: Wages or salary before deductions for taxes and other purposes. LESSON 1.2: EARNING AN INCOME

    • [PDF File]Reading Essentials and Study Guide - Amphitheater Public Schools

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      NAME _____ DATE _____ CLASS _____ Chapter 14: Taxes and Government Spending Reading Essentials and Study Guide netw rks Lesson 2 Federal Government Finances, Continued TAKING NOTES: Key Ideas and Details Use a graphic organizer like the one below to identify ways the federal government raises revenues.

    • [PDF File]Warm-Up Taxes - Edgenuity Inc.

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      Instruction Taxes 9 Slide Reading a W-2 Form On the W-2, circle the federal and state income tax amounts that have been withheld. 222-22-2222 612.65 X NEW YORK UNIVERSITY BUSINESS SVCS. –PAYROLL #1123 NEW YORK, NY 10003 JOHN T. SMITH 555 NILES DRIVE NEW YORK, NY 10462 Taxable Income Taxes are paid only on taxable income.

    • [PDF File]What You’ll Learn Section 2-1 Section 2-2 Section 2-3 Section 2-4

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      Section 2-1 Read tables to find the amount withheld for federal income tax. Section 2-2 Compute the state taxes on a straight percent basis. Section 2-3 Determine the state taxes on a graduated income basis. Section 2-4 Work out the amount of income withheld for Social Security and Medicare taxes. Section 2-5 Calculate the deduction for group ...

    • [PDF File]CHAPTER 2 – NET INCOME - Central Bucks School District

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      his federal taxes. He makes $32,000 per year and is paid weekly. a. What is his weekly salary? 32000 / 52 = $615.38 b. What is his federal income tax per week? $70.00 c. What is his annual state income tax? 1. Exemptions = 1500 + 700 = $2200 2. Taxable Income = 32000 – 2200 = $29800 d. What is his weekly state income tax? 1043 / 52 = $20.06 e.

    • [PDF File]Education Lesson Plans - Template v1

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      Lesson 1.2 Income and Taxes Review Suggested Answers 1. Explain the difference between gross income and net income. Gross Income - Wages or salary before deductions for taxes and other purposes. ... Federal income tax P b. Sales tax R c. A tax where everyone pays the same percentage R d. Oklahoma state income tax P e. A tax where the amount of ...

    • [PDF File]TAKE BASICS OF TAXES TODAY - University of Arizona

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      § The Basics of Taxes Scavenger Hunt 2.2.2.A1 § The Basics of Taxes 2.2.2.A2 § What do your peers know about taxes? 2.2.2.A3 § §Taxes Foldable Rubric 2.2.2.B1 § §The Basics of Taxes Vocabulary List 2.2.2.E1 § The Basics of Taxes QR Codes 2.2.2.E2 § Test Your Tax Knowledge! 2.2.2.E3 § The Basics of Taxes Information Sheet 2.2.2.F1

    • [PDF File]It's Your Paycheck! Lesson 2: 'W' is for Wages, W-4, and W-2

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      Lesson 2: “W” is for Wages, W-4, and W-2 Standards and Benchmarks (see page 2.18) ... They learn what FICA and federal income taxes are. They learn how to complete Form W-4 and about Form W-2. In the assessment, students re-read the information provided on a W-4 and provide a more easily understood explanation to a friend in an email.

    • [PDF File]Lesson 28: Federal Income Tax - Flint Math Curriculum

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      7. Find the effective federal income tax rate of a married couple with one child who have a combined income of . 8. The latest report on median household (family) income in the United States is per year. Compute the federal income tax and effective federal income tax rate for a married couple with three children, who have a combined income of . 9.

    • [PDF File]What You’ll Learn Section 2-1 Section 2-2 Section 2-3 Section 2-4

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      Section 2-1 Read tables to find the amount withheld for federal income tax. Section 2-2 Compute the state taxes on a straight percent basis. Section 2-3 Determine the state taxes on a graduated income basis. Section 2-4 Work out the amount of income withheld for Social Security and Medicare taxes. Section 2-5 Calculate the deduction for group ...

    • [PDF File]Teacher Lesson Plan - IRS tax forms

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      Lesson—Payroll Taxes and Federal Income Tax Withholding . Developing the Lesson . Direct students to Tax Tutorial—Payroll Taxes and Federal Income Tax Withholding. Explain that employers use the Social Security tax rate (6.2 percent), the Medicare tax

    • [PDF File]Worksheet Solutions A Brief History of the Income Tax

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      The earliest federal income tax was a progressive tax that was put in place to raise needed money during the Civil War. This tax was based on citizens’ ability to pay. The government relied on voluntary compliance with the income tax. The federal income tax was repealed in 1872. In 1894, Congress passed a new version of the federal income tax ...

    • [PDF File]Taxes: Voluntary Compliance - Oklahoma State Department of Education

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      each year. The W-2 includes the information you need to complete your tax return. In some states, you are required to pay local and state personal income tax in addition to the federal. Other states, however, do not have local or state income tax. Oklahoma residents pay only state and federal personal income tax.

    • [PDF File]CONSUMER MATH NOTES LESSON 2.1, 2.2, 2.3: Federal and State Income Tax

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      LESSON 2.1, 2.2, 2.3: Federal and State Income Tax Flat Tax: EXAMPLES: 3. Sara’s gross pay is $18,900 a year. She is single and claims one dependent. The state income tax rate is 4%. Find the taxable wages and the annual taxes withheld. YOU TRY: 4. Samuel’s gross pay is $34,000 a year. He is married and claims 3 dependents.

    • [PDF File]Taxes: Somebody Has to Pay - Oklahoma State Department of Education

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      taxes: progressive and regressive. By definition, a tax is progressive if the proportion of income paid in taxes increases as income increases. A tax is regressive if the proportion of income paid in taxes decreases as income decreases. Basically, this means that people with higher income levels pay more in taxes overall

    • [PDF File]2.1: Federal Income Tax - HITCHENS

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      Objective: SWBAT read tables to find the amount withheld for federal income tax. Federal taxes are necessary to keep the government agencies and services afloat. Employers ... Step 2: Find the column for 2 allowances. The amount of income to be withheld is $15. Example 2: Some companies use a percentage method of the tax tables to compute the ...

    • [PDF File]Federal Taxes - United States Army

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      U.S. Army Human Resources Command “Soldiers First” //UNCLASSIFIED// PED LEVEL 2 POC: Military Pay Instructors 8 8 COL Wayne with 16 years of service was in Afghanistan February 2019 receiving IDP and HDP-L. What amount of the pay was taxable? Step 1 Find Taxable Pay Step 2 Add IDP / HFP to SMA Basic Pay Step 3 Subtract Step 2 from Step 1

    • It's Your Paycheck! Lesson 2: 'W' is for Wages, W-4, and W-2

      Lesson 2: “W” is for Wages, W-4, and W-2 Standards and Benchmarks (see page 2.18) ... They learn what FICA and federal income taxes are. They learn how to complete Form W-4 and about Form W-2. In the assessment, students re-read the information provided on a W-4 and provide a more easily understood explanation to a friend in an email.

    • [PDF File]Income Taxes: Who Pays and How Much? Lesson Plan - Federal Reserve Bank ...

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      Inside the Vault – Income Taxes: Who Pays and How Much? A Look at Individual Federal Income Tax Lesson Plan 2. Provide Activity 1-A, Income Taxes: Who Pays and How Much? 2003 Tax Tables A & B to students. Explain the information and categories included in the tables. 3. Provide Activity 1-B, Twenty Questions to students.

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