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Calculate Using the Personal Allowances Worksheet on the W-4 form, determine who will have more money withheld from his paycheck, Eric e Leland.

Calculate Using the Personal Allowances Worksheet on the W-4 form, determine who will have more money withheld from his paycheck, Eric e Leland.

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 6RP
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8:45 P & . • @ * NI A # Jl 56% hsccsd.instructure.com Taxes Handout.pdf L Minimize File Preview Page 13 <> of 34 ZOOM + - Section 12.1 Assessment Analyze Weigh the pros and cons of each alternative and make a QUICK CHECK 1. What is the relationship between taxes and personal financial planning? 2. What is your taxable income? 3. What are the steps to complete a W-4 form? recommendation to the state. . SOLVE MONEY PROBLEMS 6. Withholding Eric is single; he has no children or other dependents; and he is THINK CRITICALLY not claimed as a dependent on anyone else's tax return. He has only one job, as a manager at the local supermarket, and he earns $35,000 a year. Leland is married an has twin daughters whom he will claim as dependents. He works full-time at an arch tecture firm and also carns $35,000 a year 4. Explain how deductions and tax credits affect the amount of income tax you pay. USE MATH SKILLS 5. Raising Funds As budget director for a small state, you must raise $350 million for emergency repairs to the state's bridges. You have several ways to fund the project. Your options include: place a sales tax of 5 per- cent on all purchases except food and pre- scription drugs; place a personal property tax on cars based on the purchase price and age of the vehicle; or place tolls of about $4 per round-trip for using each bridge. A Calculate Using the Personal Allowances Worksheet on the W-4 form, determine who will have more money withheld from his paycheck, Eric e Leland. 388 Unit 4 Protecting Your Finances CONTENTS ABW ABW S328 82 Section 12.2 II
Transcribed Image Text:8:45 P & . • @ * NI A # Jl 56% hsccsd.instructure.com Taxes Handout.pdf L Minimize File Preview Page 13 <> of 34 ZOOM + - Section 12.1 Assessment Analyze Weigh the pros and cons of each alternative and make a QUICK CHECK 1. What is the relationship between taxes and personal financial planning? 2. What is your taxable income? 3. What are the steps to complete a W-4 form? recommendation to the state. . SOLVE MONEY PROBLEMS 6. Withholding Eric is single; he has no children or other dependents; and he is THINK CRITICALLY not claimed as a dependent on anyone else's tax return. He has only one job, as a manager at the local supermarket, and he earns $35,000 a year. Leland is married an has twin daughters whom he will claim as dependents. He works full-time at an arch tecture firm and also carns $35,000 a year 4. Explain how deductions and tax credits affect the amount of income tax you pay. USE MATH SKILLS 5. Raising Funds As budget director for a small state, you must raise $350 million for emergency repairs to the state's bridges. You have several ways to fund the project. Your options include: place a sales tax of 5 per- cent on all purchases except food and pre- scription drugs; place a personal property tax on cars based on the purchase price and age of the vehicle; or place tolls of about $4 per round-trip for using each bridge. A Calculate Using the Personal Allowances Worksheet on the W-4 form, determine who will have more money withheld from his paycheck, Eric e Leland. 388 Unit 4 Protecting Your Finances CONTENTS ABW ABW S328 82 Section 12.2 II
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