Year End Employee Year End Employee CheckupCheckup

Presented by Cora ParksTax Today Tax SolutionsCopyright 2011All Rights Reserved

What You Will What You Will NeedNeedForm W4Form 1040ESYour Most Recent Check Stub

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This Information Is Meant This Information Is Meant To Serve As A Rough To Serve As A Rough Blueprint Into Your Tax Blueprint Into Your Tax Picture As Of The Close of Picture As Of The Close of 2011. 2011. It is not meant to be used as the exact liability or refund to be expected once your return is finalized.

Select The Filing Status That Select The Filing Status That You Expect To Use On Your You Expect To Use On Your 2011 Return2011 ReturnSingleMarried Filing JointMarried Filing SeparateHead Of HouseholdQualifying Widow or Widower

Dependency StatusDependency StatusCan you be claimed as a dependent on another person’s return?◦Yes◦No

If You Cannot Be If You Cannot Be Claimed As A Claimed As A Dependent. Dependent. Multiply the number of exemptions by 3700. Remember to include your self and your spouse if married filing jointly in this calculation.

If You Can Be Claimed As If You Can Be Claimed As A Dependent, A Dependent,

Your exemption amount is zero.

For employees, how For employees, how many jobs did you work many jobs did you work in 2011?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.

How many dependents How many dependents (other than yourself) will you (other than yourself) will you claim on your tax return?claim on your tax return?

List the number.

Your Age and Blindness Your Age and Blindness FactorFactorIf 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.

Your standard deduction is Your standard deduction is increased by the following increased by the following amount if, at the end of amount if, at the end of 2011, you are: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

Your standard deduction is Your standard deduction is increased by the following increased by the following amount if, at the end of amount if, at the end of 2011, you are cont: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*

If You Can Claim The If You Can Claim The Child and Dependent Child and Dependent Care CreditCare CreditList the number of qualifying

persons and the amount of expense incurred. If you do not have the exact figure, you can give an estimate.

Are You Eligible For the Are You Eligible For the Child Tax Credit?Child Tax Credit?

List the number of eligible children.

Tax Credits That You Will Tax Credits That You Will Claim On Your ReturnClaim On Your ReturnCredit for the elderly or the disabled Education credits Adoption credit Foreign tax creditRetirement savings contributions creditMortgage interest credit General business credit Electric vehicle credit Earned income creditHealth coverage tax credit Medical and Dental Expenses District of Columbia first-time homebuyer

credit

For Those of You That Are For Those of You That Are Currently Employed, Provide Currently Employed, Provide Answers To The Following Answers To The Following QuestionsQuestionsThe 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.

For Those of You That Are For Those of You That Are Currently Employed, Provide Currently Employed, Provide Answers To The Following Answers To The Following QuestionsQuestionsEnter your total 2011 contribution to a Tax Deferred Retirement Plan, Flexible Spending Account, or Health Savings Account.

For Those of You That Are For Those of You That Are Currently Employed, Provide Currently Employed, Provide Answers To The Following Answers To The Following Questions cont.: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).

For Those of You That Are For Those of You That Are Currently Employed, Provide Currently Employed, Provide Answers To The Following Answers To The Following Questions: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.

For Those of You That Are For Those of You That Are Currently Employed, Provide Currently Employed, Provide Answers To The Following Answers To The Following Questions cont.:Questions cont.:Enter the Federal income tax

withheld from your last salary payment.

For the job(s) you had For the job(s) you had earlier this year but no earlier this year but no longer hold, enter the longer hold, enter the following:following:Total wages, salary, and tips.

Total contributions to a tax-deferred retirement plan.

Total Federal income tax withheld.

List The Amount You List The Amount You Received Or Expect To Received Or Expect To Receive For The Following Receive For The Following Types Of Income: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.

List The Amount You List The Amount You Received Or Expect To Received Or Expect To Receive For The Following Receive For The Following Types Of Income cont:Types Of Income cont:The total of any unemployment compensation you received or expect to receive in 2011.

List The Amount You List The Amount You Received Or Expect To Received Or Expect To Receive For The Following Receive For The Following Types Of Income: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. 

Enter an estimate of your Enter an estimate of your 2011 adjustments to 2011 adjustments to income, such as the income, such as the following:following:Education loan interest

Alimony paidDeductible IRA contributions

Subtract The Following Subtract The Following Standard Deduction Amount Standard Deduction Amount Based On Your Filing Status.Based On Your Filing Status.Married filing jointly or Qualifying widow or widower $11,600

Head of household $8,500Single or Married filing separately $5,800

If you can be claimed as a If you can be claimed as a dependent on another dependent on another person’s 2011 return, person’s 2011 return, your standard deduction your standard deduction is:is: $950, or Your earned income plus $300 (up to the standard deduction amount).

If you expect to itemize, If you expect to itemize, enter an estimate of your enter an estimate of your 2011 itemized deductions for 2011 itemized deductions for the following:the following:Medical and Dental Expenses Taxes You Paid Interest You PaidGifts to CharityCasualty and Theft LossesJob ExpensesOther Miscellaneous Deductions

Once you have all of the Once you have all of the numbers in place, the math numbers in place, the math goes like this:goes like this:Add Income Items.Subtract Adjustments To Income.

Subtract Itemized Deductions/Standard Deduction.

The result is the taxable income.

Once The Taxable Income Once The Taxable Income Is Determined, 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.

Once Your Tax Has Once Your Tax Has Been Determined, Been Determined, Subtract your credits calculated earlier from this amount. The result is your total tax.

Wait, we’re not done yet. Wait, we’re not done yet. Subtract the following from Subtract the following from the total tax. the total tax. Federal Income WithheldEstimated Tax payments madeEarned Income CreditAdditional Child Tax CreditFuel Tax CreditRefundable portion of the

American Opportunity CreditOther credits

The result is an The result is an approximation of what approximation of what you will owe or what you will owe or what your expected refund your expected refund will be.will be.

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