Year end employee checkup
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Year end employee checkup Presentation Transcript

  • 1. Year End Employee Checkup Presented by Cora Parks Tax Today Tax Solutions Copyright 2011 All Rights Reserved
  • 2. What You Will Need
    • Form W4
    • Form 1040ES
    • Your Most Recent Check Stub
    • Paper
    • Pen
    • Calculator
  • 3. This Information Is Meant To Serve As A Rough Blueprint Into Your Tax Picture As Of The Close of 2011.
    • It is not meant to be used as the exact liability or refund to be expected once your return is finalized.
  • 4. Select The Filing Status That You Expect To Use On Your 2011 Return
    • Single
    • Married Filing Joint
    • Married Filing Separate
    • Head Of Household
    • Qualifying Widow or Widower
  • 5. Dependency Status
    • Can you be claimed as a dependent on another person’s return?
      • Yes
      • No
  • 6. If You Cannot Be Claimed As A Dependent.
    • Multiply the number of exemptions by 3700. Remember to include your self and your spouse if married filing jointly in this calculation.
  • 7. If You Can Be Claimed As A Dependent,
    • Your exemption amount is zero.
  • 8. For employees, how many jobs did you work in 2011?
    • List the number of jobs.
    • If you were employed at any time during the year, but are not employed now, please account for that here.
  • 9. How many dependents (other than yourself) will you claim on your tax return?
    • List the number.
  • 10. Your Age and Blindness Factor
    • If you or your spouse if married filing jointly, will be 65 or older on January 1, 2012, check here.
    • If either you, or your spouse if filing jointly, are blind, or considered to be legally blind, check here.
  • 11. Your standard deduction is increased by the following amount if, at the end of 2011, you are:
    • An unmarried individual (single or head of household) and are:
    • 65 or older or blind . . . . . . . . . . $1,450
    • 65 or older and blind . . . . . . . . $2,900
  • 12. Your standard deduction is increased by the following amount if, at the end of 2011, you are cont:
    • A married individual (filing jointly or separately) or a qualifying widow or widower and are:
    • 65 or older or blind . . . . . . . . . . . . . . . $1,150
    • 65 or older and blind .. . . . . . . . . . . . . $2,300
    • Both spouses 65 or older. . . . . . . . . $2,300*
    • Both spouses 65 or older and blind $4,600*
  • 13. If You Can Claim The Child and Dependent Care Credit
    • List the number of qualifying persons and the amount of expense incurred. If you do not have the exact figure, you can give an estimate.
  • 14. Are You Eligible For the Child Tax Credit?
    • List the number of eligible children.
  • 15. Tax Credits That You Will Claim On Your Return
    • Credit for the elderly or the disabled
    • Education credits
    • Adoption credit
    • Foreign tax credit
    • Retirement savings contributions credit
    • Mortgage interest credit
    • General business credit
    • Electric vehicle credit
    • Earned income credit
    • Health coverage tax credit
    • Medical and Dental Expenses
    • District of Columbia first-time homebuyer credit
  • 16. For Those of You That Are Currently Employed, Provide Answers To The Following Questions
    • The total wages, salary, and tips you expect to receive in 2011. If you also receive military retirement or taxable pensions, include them in this figure.
  • 17. For Those of You That Are Currently Employed, Provide Answers To The Following Questions
    • Enter your total 2011 contribution to a Tax Deferred Retirement Plan, Flexible Spending Account, or Health Savings Account.
  • 18. For Those of You That Are Currently Employed, Provide Answers To The Following Questions cont.:
    • Enter the total Federal income tax withheld to date in 2011 (including amounts withheld from bonuses or which you expect to have withheld for bonuses).
  • 19. For Those of You That Are Currently Employed, Provide Answers To The Following Questions:
    • If you had a job that you worked earlier in the year but are no longer there, enter the amount of Federal income tax withheld from your last salary payment.
  • 20. For Those of You That Are Currently Employed, Provide Answers To The Following Questions cont.:
    • Enter the Federal income tax withheld from your last salary payment.
  • 21. For the job(s) you had earlier this year but no longer hold, enter the following:
    • Total wages, salary, and tips.
    • Total contributions to a tax-deferred retirement plan.
    • Total Federal income tax withheld.
  • 22. List The Amount You Received Or Expect To Receive For The Following Types Of Income:
    • Tips (if not already included in the wages you estimated for your jobs).
    • Professional fees paid to you.
    • Any other compensation received for work you performed, for example, in your own business.
    • Any part of a scholarship or fellowship grant includable in your gross income.
    • Bonus income you have already received or expect to receive from your employer this year.
  • 23. List The Amount You Received Or Expect To Receive For The Following Types Of Income cont:
    • The total of any unemployment compensation you received or expect to receive in 2011.
  • 24. List The Amount You Received Or Expect To Receive For The Following Types Of Income:
    • The amount or estimate of any other nonwage income (such as dividends, interest, or alimony) you received or expect to receive in 2011. 
  • 25. Enter an estimate of your 2011 adjustments to income, such as the following:
    • Education loan interest
    • Alimony paid
    • Deductible IRA contributions
  • 26. Subtract The Following Standard Deduction Amount Based On Your Filing Status.
    • Married filing jointly or Qualifying widow or widower $11,600
    • Head of household $8,500
    • Single or Married filing separately $5,800
  • 27. If you can be claimed as a dependent on another person’s 2011 return, your standard deduction is:
    • $950, or
    • Your earned income plus $300 (up to the standard deduction amount).
  • 28. If you expect to itemize, enter an estimate of your 2011 itemized deductions for the following:
    • Medical and Dental Expenses
    • Taxes You Paid
    • Interest You Paid
    • Gifts to Charity
    • Casualty and Theft Losses
    • Job Expenses
    • Other Miscellaneous Deductions
  • 29. Once you have all of the numbers in place, the math goes like this:
    • Add Income Items.
    • Subtract Adjustments To Income.
    • Subtract Itemized Deductions/Standard Deduction.
    • The result is the taxable income.
  • 30. Once The Taxable Income Is Determined,
    • Calculate your tax using the 2011Tax Rate Schedules found on page 6 of the Form 1040ES. This figure is your tentative tax before credits.
  • 31. Once Your Tax Has Been Determined,
    • Subtract your credits calculated earlier from this amount. The result is your total tax.
  • 32. Wait, we’re not done yet. Subtract the following from the total tax.
    • Federal Income Withheld
    • Estimated Tax payments made
    • Earned Income Credit
    • Additional Child Tax Credit
    • Fuel Tax Credit
    • Refundable portion of the American Opportunity Credit
    • Other credits
  • 33. The result is an approximation of what you will owe or what your expected refund will be.
  • 34. For More Information:
    • Visit us on the web @ blog.taxtoday.info.