All right welcome back to another podcast with mr. Haggin and on this podcast we're going to look at some practice problems some sample or examples of calculating income taxes and we're going to use this three-step process down here that I talked about on a previous video and that is we're going to subtract away deductions that's going to be step 1 we're going to calculate taxes owed using a tax line that's going to be step 2 and then we're going to subtract away any tax credits that's going to be step 3 and then finally we'll calculate the average tax rate and the marginal tax rate at the end so let's let's get right into it and so let's do this example here where we have a family of four with two children and we're going to say that in this family mom earns $65,000 per year and that earns $65,000 per year and we're gonna have what's called a standard deduction so a deduction that's an important word standard deduction and in the old tax laws now this is changing I'm recording this at the beginning of 2023 and so there's a new tax law that just passed at this time and that's going to change the way deductions work that's not gonna change the way they work it's gonna change the size of them but so I'm not gonna worry about that right now I'm going to say the order tax deduction was around twelve thousand it was actually like twelve thousand seven hundred or something like that but we're just going to use the number twelve thousand here just to keep things simple so we're gonna say you get a standard deduction of twelve thousand dollars for a for a family for what's called...
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1040 sample Form: What You Should Know
You could use a form such as the below if your household income is below the limit. If you owe no taxes, you would use the “Individual Income Tax Tables” on the Illinois Individual Income Tax Form: I.R.S. Form 1040A, Form 1040EZ, Form 1040NR, Form 1040SR, and Form 1045. If your income is above the limit, you would complete a standard Illinois 1040 and then fill out the form based on your federal income tax withholding. Use the information on your Form 5498 or Form 2103 or your federal tax return. A common tax withheld payment is 28% of your adjusted gross income. Form 1040, Schedule B. A Form 1040 with your federal return and state return. IRS.gov Get a copy of your tax return. Get an Income Tax Return to the IRS.gov Website. For an example of filing Form 1040, see Form 1040 Tax Return, Example (Form 1040NR). Get a copy of your state-employee W-2s. Get a copy of W-2s by clicking this link. Filing online with Illinois' state income tax return is very fast and easy! (Form) (Form 1120.00.) See the online guide and sample for Form 1120 (PDF). Fill out Form 1040, Schedule E, Part I. Pay your state income taxes on time. Get instructions at the IRS.gov website. Get Form 540-T. Pay income taxes from Form 540. You do not have to fill out Form 560-T. (PDF) Get a copy of your federal income tax Return. Form 540-T, Individual Income Tax Return. PDF Form 540-T, Federal Income Taxes and Other Information. (PDF) Get an Intraday Money Order for your federal tax payment. Send payment by mail or fax to the following address: Illinois Department of Revenue, PO BOX 100, 601 W. Green lawn Avenue, Peoria, IL 6. Mail your money order to the following address: U.S. Department of the Treasury, Internal Revenue Service, Office of Tax and Investment Services, PO Box 790290, Washington, DC 20. You can download and print the following instructions: IRS, Paying Tax Online (PDF). Form 540 and Form 706 (PDF).
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