Mrs. S. Cole - Main



Student Name:      

1. 1040EZ     

2. 1099INT     

3. 1099MISC     

4. FICA     

5. Gross Income     

6. Income Tax     

7. Standard Deduction     

8. Tax Audit     

9. Tax Deduction     

10. Tax Exemption     

11. Tax Refund     

12. Tax Table     

13. W2     

14. W4     

15. John receives a paycheck and notices a deduction for the United Way of $4.27 His Company lets John donate an amount to the United Way charities at their annual pledge drive, and John pledged to donate $100 over the course of the year. John is paid twice a month. If his company deducts $4.27 from each of the 24 paychecks, how much will John donate to the United by the end of the year?

     

16. Lucy is a beginning accountant with the federal government. Her starting pay is $25,500 per year. She’s single and has no dependents. Being in the field, she knows how to fill out her 1040EZ tax form. Fist she fills in her name, address, and social security number. On line 1, she puts her income (she’ll find it on box 1 of her W2). She has no 1099s for interest (so zero goes on line 2). The sum of lines 1 and 2 go on line 4 ($25,500) because she’s not a dependent, she enters on line 5 the amount show on the form for a single person; that year, it was $8,450. She then subtracts line 5 from line 4, and enters that amount on line 6 ($17,050). Looking at the number in line 6, she sees that the tax booklet for that year says that she was responsible for $2,184 in taxes. Her withholdings for the year were $3,096. What does Lucy do next?

     

17. Joey decides to take his taxes to the EZ Returns Company. They say his refund will be $200, but he can have $150 right now if he signs over the refund to the EZ Returns Company. Thinking about his as a loan where R=I/P, if the loan amount is $150 (P) and the interest amount is $50 (I), what interest rate (R) will Joey pay?

     

18. Andre makes a $50 a week babysitting as his own Parents’ Night Out babysitting business. He spends $15 a week on snacks and movie rentals to entertain the children. Show Andre’s gross income and net income after 50 weeks. Tell why Andre should keep careful track of his receipts to file with his taxes

     

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Written Exercises

Paying Your Taxes

Lesson 12

May 1, 2015

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