Your SlideShare is downloading. ×
0
16 taxes
16 taxes
16 taxes
16 taxes
16 taxes
16 taxes
16 taxes
16 taxes
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

16 taxes

585

Published on

Published in: Technology, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
585
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
15
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  1. EPF.16d examine potential tax deductions and credits on a tax returnEPF.16e explain the content and purpose of a standard W-2 form EPF.16f explain similarities and differences between state and federal taxation of inheritances
  2. •Tax deductions and tax credits can reduce tax liability.
  3. A tax deduction is a reduction in one’s taxable income. Some examples of tax deductions include: local taxes paid student loans charitable contributions interest paid on home mortgage.A tax credit is a reduction of the tax itself. Tax credits may result from the purchase of, for example, energy-saving vehicles and appliances.
  4. A Wage and Tax Statement, commonly known as a W-2form, provides information for completing state and federal tax forms.
  5.  The W-2 form is issued by employers and is an end-of-year summary of one’s gross taxable income and withholdings. It is required by the Internal Revenue Service and included when individuals file their income tax returns.
  6. Estate planning is an important part of financial planning. There are similarities and differences between state and federal taxation of inheritances.
  7. Estate planning involves decisions regarding wills, trusts, and joint tenancy and seeks to accomplish the following: To state how a person wants his or her estate distributed after death To appoint the person who should distribute the estate To record other information, such as ones wishes regarding care of minor children To avoid probate, or to reduce taxes or other costs.
  8.  Current state and federal taxes must be considered when planning an estate (e.g., estate taxes, inheritance taxes, death taxes, gift taxes, federal/state income taxes) and any deductions and exemptions that apply to such taxes. Estates exceeding the exempt amount are taxed by the federal government. The tax applies to the decedent’s gross estate, with a large portion of the estate exempted by a tax credit. Inheritance tax is levied on gifts and bequests received by a taxpayer. Currently there is no federal inheritance tax in the United States, but several states have inheritance taxes. Taxes vary based on the property inherited and the relationship of the inheritor to the decedent.

×