Income+Taxes

In this area of study you will learn about the basic concepts behind taxes. The modules we cover are a step-by-step approach to tax preparation.
 * It's Tax Time! **


 * TEST will be Friday, February 12 **

__**STARTING Wednesday, February 3:**__


 * // **[|TEEN JOBS and TAX ISSUES]** //


 * ** //FORM W-4 and FORM W-2. What's the difference?// **
 * [|FORM W-4] (Employees Withholding Allowance)
 * [|FORM W-2] (Wage and Tax Statement)

>>
 * //**Once I am no longer claimed as an exemption by my parents, should I enter 0 or 1 on my W-4?**//
 * The amount of taxes taken out is decided by the total number of allowance you claim on line five. By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. The higher the number of allowance, the less tax taken out of your pay each pay period.


 * 1: Taxpayer's Responsibilities**
 * [|Info Sheet]
 * [|Worksheet]
 * [|Assessment]


 * 2: Payroll Taxes and Federal Income Tax Withholding**
 * [|Fact Sheet]
 * [|Simulation 1]Simulation 1 (Lawrence Red Owl)
 * [|Online Assessment] Print the completed scored assessment. Turn in for credit.


 * 3: Wage and Tip Income**
 * [|Fact Sheet]
 * [|Simulation 2] (Cicely King)
 * [|Online Assessment] Print the completed scored assessment. Turn in for credit.


 * 4: Interest Income**
 * [|Fact Sheet]
 * [|Simulation 3] (Tasha Miller)
 * [|Online Assessment]Print the completed scored assessment. Turn in for credit.


 * 5: Filing Status**
 * [|Fact Sheet]
 * [|Tutorial]
 * [|Simulation 5] (Joshua Bell)
 * [|Online Assessment] Print the completed scored assessment. Turn in for credit.

=**[|TAX REVIEW]**=


 * 6: Dependents and Exemptions**
 * [|Qualifying Child or Relative]
 * [|Personal Exemptions and Dependent Exemptions]
 * [|Dependents vs Exemptions]
 * [|Simulation 4A] (Michael Brand)
 * [|Simulation 4B] (Samatha Nichols)
 * [|Simulation 4C] (Sandya Prashad)
 * [|Online Assessment] Print the scored assessment. Turn in for credit.
 * [|Simulation 6] (Alicia Garcia)
 * [|Online Assessment] Print the scored assessment. Turn in for credit.


 * 7: Standard Deductions**
 * [|Fact Sheet]
 * [|Simulation 7A] (Monica Lindo)
 * [|Simulation 7B] (Belinda Russell)
 * [|Online Assessment] Print the scored assessment. Turn in for credit.


 * 8: Refund, Amount Due, and Record Keeping**
 * [|Fact Sheet]
 * [|Simulation 12] (Jacob Hastings)
 * [|Online Assessment]


 * 9: Electronic Tax Return Preparation and Transmission**
 * [|Fact Sheet]

**[|WHAT'S THE DIFFERENCE BETWEEN FORM 1040EZ, FORM 1040A, and FORM 1040?]**
[|Instruction Booklet] //Tax Tables included in Instruction Booklet//
 * 10**: Completing Form 1040EZ

Instruction Booklet [|Tax Tables]
 * 11**: Completing Iowa Form 1040