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Hoe Does Income Tax Work?

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by

Jashayla Wheeler

on 4 October 2013

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Transcript of Hoe Does Income Tax Work?

How Does Income Tax Work?
Teacher ..
What is Federal income tax and why do we pay it?
How to find the amount of federal income tax that should be payed ..
Taxable income= gross pay - exemptions
Tax Withheld= Tax income x Tax Rate ..
Conclusion
Medical Assistant ..
What is the wage per hour? $21.37 a hour.
How much would your paycheck be for one week if you worked 40 hours? $854.08
How much would you pay in federal income tax for that week of pay? $125.

How much is yearly pay for a teacher?
$36,201
How much would your paycheck be for one month?
$3,016
How much would you pay in federal income tax for that year of salary?
$388
Federal Income Tax:
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
Why do we pay federal taxes?
We pay federal taxes because The federal government uses your tax dollars to support Social Security, health care,
national defense and social services such as food stamps and housing.
Full transcript