Taxes by Edwin Cruz https://padlet.com/ecruz78/udwux0zk7ykvln6t en-us 2021-02-26 00:29:16 UTC 2021-02-26 01:03:50 UTC hello@padlet.com Reading Your Paycheck ecruz78 https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243747908 Gross Income - Income before taxes are taken out.

Net Income - Income after taxes have been taken out.

Pre-Tax Contribution - Money taken out of your check before taxes are collected. An example is contributions for retirement plans. 




 


]]> 2021-02-26 00:37:35 UTC https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243747908 W-4 Forms ecruz78 https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243760257 This form is given to employees on their first day on the job.

The purpose of the form is to let employers know how much money to withhold from an employee's paycheck for taxes.

On this form you will decide whether to declare yourself Single or Married.

This form will also indicate the number of ALLOWANCES you will declare (children). The more allowances shown the less tax that is taken from the check.

]]> 2021-02-26 00:45:27 UTC https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243760257 W-2 Forms ecruz78 https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243768927 Employees working for a company or on "payroll" will receive this form.

This form is needed in order to complete your tax filing.

This form is provided by your employer and should be received by Jan 31st.  

This form will have your annual compensation as well as the amount of taxes you have paid throughout the year. 

You can file taxes 3 ways:
* Paper Filing
* Electronic Filing
* Tax Pro takes care of it!]]> 2021-02-26 00:50:32 UTC https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243768927 1099 Forms ecruz78 https://padlet.com/ecruz78/udwux0zk7ykvln6t/wish/1243779377  * 1099 forms are to be used for those who are independent contractors, freelance workers and those who work for themselves because they will not receive a W-2 form.

Those who are self-employed MUST keep records of all work-related expenses - check registers or credit card statements, and receipts 

Savings & Investments or Dividends
  • A 1099-INT indicates the amount of interest you earned from a financial institution, such as a bank. 
  • A 1099-DIV indicates the amount of dividends you received from stocks, bonds, mutual funds, etc. 
  • A 1099-OID  is a form you receive when you purchase a bond or note for less than its face value. 



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