7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
Bellwork 3-11-16
It is my belief that one's salary is between an individual and the IRS.
Jessica Savitch, American Journalist
1. How do taxpayers report their income to the government?
2. Why might a taxpayer choose to overpay his or her taxes?
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7­4 Forms 1040EZ and 1040A.notebook
7‐4
March 11, 2016
FORMS 1040 EZ AND 1040A
OBJECTIVES
Complete form 1040EZ. Complete form 1040A. 2
7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
Key Terms
• Form 1040EZ
-a short form for
filing taxes
• Form 1040A
-a short form for
filing taxes
• Form 1040
-a long form
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7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
Key Terms
• dependent
- each person you financially support
• exemption
- information included on tax forms that lowers taxes; exemptions
include dependants as well as the taxpayer
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7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
Example 1
Elizabeth Allison is a food editor for a magazine. She has received a W‐2 form from her employer and a 1099 form from her savings bank. What is Elizabeth’s taxable income for the year if she files as a single taxpayer?
Forms on Page
353-354
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7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
CHECK YOUR UNDERSTANDING
How would Elizabeth’s tax form differ if she were married, filing a joint return, assuming that her spouse had no income to report? 6
7­4 Forms 1040EZ and 1040A.notebook
Example 2
March 11, 2016
What is Elizabeth’s tax? 7
7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
CHECK YOUR UNDERSTANDING
Suppose that Elizabeth had been filing as married filing jointly with her husband, and their combined taxable income was the same as reported on line 6. Why is that tax lower? 8
7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
EXAMPLE 3
Does Elizabeth get a refund or owe the government money? In either case, determine that amount. 9
7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
CHECK YOUR UNDERSTANDING
Leo is filling out his 1040EZ form. His employer withheld $12,907 in federal taxes. He has calculated that he owes $13,952. Does he get a refund or owe money? In either case, what is the amount? 10
7­4 Forms 1040EZ and 1040A.notebook
March 11, 2016
Homework: Page 361, #'s 1-7
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