Are you tax savvy? In this activity, you will take on the role of someone who will be obtaining a job and paying taxes for the first time. You will be required to complete tax forms and submit answers to questions. Use this checklist to see how you will receive points for this assignment. You will use the information below to complete the assignment:
Scenario
You have finally graduated from college. You will obtain your first full-time job as an assistant video game designer.
Profile |
Income |
Name: John C. Smith | Salary: $40,000.00/year |
Social Security #: 545-999-8888 | Interest Income from Savings Account: $24.30 |
Address: 830 Apple Street, Appleton, WI 98969 | You will be using the standard deduction. |
Marital Status: Single, No Dependents | |
Other Background Information:
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Step 1: The W-4 Form
Using the W-4 form found on the IRS website, complete the form that employers use to calculate your payroll taxes before you start your job. You will be able to complete this form online and then save it to your desktop. Once you have completed the W-4 form, use the information to answer the following questions.
Step 2: The W-2
Here is your W-2:
Step 3: The1040EZ Form
Using the 1040EZ form found on the IRS website, complete the form based on all the information that has been provided above. Then, use the IRS website's tax table to help you answer the questions.
1040EZ Questions:
Once you have completed all of the steps to this assessment, submit your forms and a document with the answered questions to the dropbox.
Once you have completed this module, please complete the module test.