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Video instructions and help with filling out and completing 1040ez 2016 instructions
I'll class hopefully you enjoyed your snow day just a reminder we do have our senior focus test tomorrow again there are gonna be three major components that you need to make sure you know for tomorrow's test our first component again is the bank statement information our second component is our paycheck information which again in that section I'm gonna give you a scenario where you have a job in Thief River Falls and you are making X number of dollars per hour and you are working so many hours for this paycheck I with that information then you will need to calculate what your income or regular income is for this pay period later on then you will need to fill out your deductions again we'll start with our federal tax deduction and that you would use a chart to calculate that the second one will be our state deduction and again you will need to use a chart to calculate that deduction our third deduction is our old age survivors disability insurance tax again you'll use 6.2 percent to calculate that deduction our fourth deduction will be our Medicare tax that percentage is 1.2 percent which you'll use for to calculate that deduction the fifth reduction from our paycheck is our health insurance again I will give you your portion of that on the test and you will need to figure out then what that would be per paycheck and the last section will be our retirement and how much money you would be putting away for your future you would add up all six of those numbers to figure out your total deductions and then you would take your total income - you're totally deductions to figure out your net pay the third major component is going to be our tax return so if we look at the screen right now you will see that you are looking at a 1040ez tax return which you should have picked up on the way out of class yesterday now when you complete our working on this you will need some of that information which is coming up next in the video so our first form that we are looking at is our w-2 form so on our w-2 form this will be the example or the form that I want you to use for your second assignment so if you take a look here on box one this would be the income that we earned for the 2015 year working okay so we would have made forty eight thousand five hundred dollars you need to put that into the appropriate box on your 1040 EZ which if we're to go back to our 1040 EZ that would be our line one our second source of income is our 1099 form again that is the information that or the income that we made not working so our money is now working for us now if you look at