Copy of Taxes 1.4 - Student Activity Packet SC-1 PDF

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Semester Course 1.4 How to File Your Taxes Student Activity Packet UNIT: TAXES

Name: Deymoni Washington In this lesson, you will learn to: ● ● ● ●

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Identify items they need to prepare their tax return Explain the different ways they can file their taxes Understand the purpose of a W-2 form and how to use it to file their taxes Explain how to make a tax payment if taxes are owed

Ways to File Your Taxes There are three basic ways to file your taxes. Click the link above “Ways to File Your Taxes,” watch the video, and answer the questions below directly on this doc. 1.

For each method of filing, list the pros and cons in the chart below. a. For “Tax-preparation software” and “Professional Tax Payers,” no CONS are given in the video. Brainstorm on your own what potential negatives there could be with those options. Method

PROS

CONS

Old-fashioned Paper Filing

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You are in charge

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Easy to make mistakes or miss deductions

Tax-preparation Software

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Designed to help you get as many tax deductions and credits as possible It allows you to e-file your tax return Access to professional tax help Quicker return

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Slowly taking over old fashion paper filing

Look and seeing a qualified tax professional if confused or don’t know to minimize errors and cut out the guesswork

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Professional Tax Preparers

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Got married or divorced, bought or sold a house, inherited money, or experienced a family death then you have banruptcy and be better off qualifying tax preparer

2. Which way do you think you’ll use? Why? Maybe the Tax preparation Software because it’s easier and more helpful

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What’s a W-2 Form? The W-2 form is provided to you with all the information you will need to file your taxes already on it. Click the link, watch the video, and answer the questions below by highlighting your answer. NOTE: EdPuzzle videos shuffle answer choices and do not always match the order provided in the lesson here. www.ngpf.org

Last updated: 12/10/21

1.

All of the following people should receive W-2 Forms EXCEPT… a. Marcus, who is on salary as a sales representative at a shoe store, working full-time b. Serena, who is a freelance wedding photographer c. Edgar, who averages 10/hrs per week as one of five employees at We Clean Pools d. Melinda, who works 40 hours/week at a local ice cream shop during the summer

2. In which box on your W-2 can you find your... A) Wages and Income B) Taxes Withheld? a. a) Wages and income = BOX 2 b) Taxes withheld = BOX 1 b. a) Wages and income = BOX 1 b) Taxes withheld = not provided on W-2 Form c. a) Wages and income = BOX 2 b) Taxes withheld = BOX 3 d. a) Wages and income = BOX 1 b) Taxes withheld = BOX 2 3.

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When should you receive your W-2 form from your employer? a. Attached to every paystub b. By January 1st c. By January 31st d. By April 15th

Ways to Make a Tax Payment The IRS offers different options to make a payment if you owe taxes. Click the link and review the information on this website. Then, answer the questions below. 1.

What are the two primary ways you can make a tax payment? - Online - Phone

2. What is one other way you can pay? - IRS2Go mobile App

3.

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If you can’t pay immediately, what is one course of action you can take? What are the criteria? - You can file your return and pay as much as you can by the due date

Five things you should know about filing state income taxes In addition to filing your federal tax return, you may also need to file a separate state tax return! Click on the link above and read this article to determine whether or not you need to www.ngpf.org

Last updated: 12/10/21

file state taxes, and if so, how you go about it. After reading the article, answer the questions. 1.

Does your state require you to file a tax return? Yes

2. If you are e-filing your tax returns, explain why it is beneficial to file your federal and state taxes through the same e-filing service. Because for a Faster Processing

3.

Create a scenario in which a person would have to file more than one state tax return and explain it in the space below. Tom and Stephanie are married filing jointly and work in two different states

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Last updated: 12/10/21...