1.04BM The Tax Cycle and Job Paperwork

Last updated about 1 month ago

38 questions

Note from the author:

Distribute to Students
Student Activity Packet
RESEARCH: The Tax Cycle
COMPARE: Tax Forms and their Purposes
FINE PRINT: W-4 Form
Learning Objectives
Students will be able to:
Identify important dates within the tax cycle
Compare tax forms and their purpose
Analyze a W-4 form
National Standards for Personal Financial Education
Earning Income
9a: Complete IRS Form W-4

Instructions

Distribute to Students
Student Activity Packet
RESEARCH: The Tax Cycle
COMPARE: Tax Forms and their Purposes
FINE PRINT: W-4 Form
Learning Objectives
Students will be able to:
Identify important dates within the tax cycle
Compare tax forms and their purpose
Analyze a W-4 form
National Standards for Personal Financial Education
Earning Income
9a: Complete IRS Form W-4

Intro/Warm-Up

DO IT!

Learn It!

Do It!

Exit Ticket

1.04BM The Tax Cycle and Job Paperwork

Learning Objectives

Learning Objectives

1.04BM The Tax Cycle and Job Paperwork

Learning Objectives

Learning Objectives

Important tax dates and deadlines throughout the year

The multiple different tax forms and their purpose

What taxes-related tasks need to be completed when I start a new job or change jobs

ACTIVITY: COMPARE: Tax Forms and Their Purpose

10 min

EDPUZZLE: What You Need to Know About Form W-4

5 min

FINE PRINT: W-4 Form

Part I: Read The Fine Print

Analyze this sample W-4 and answer the questions that follow.

You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?W-210401099W-4

You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?

Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?

Important tax dates and deadlines throughout the year

The multiple different tax forms and their purpose

What taxes-related tasks need to be completed when I start a new job or change jobs

ACTIVITY: COMPARE: Tax Forms and Their Purpose

10 min

I arrive in the mail or electronically in JanuaryThere is one of me for every job you work as an employeeI tell you how much you earned and how much you already paid in taxes

My filing deadline is in AprilMost people who earned income last year should complete meBeware, there is a LOT to fill out

Your employer asks you to complete me when you start a new jobYou list information about yourself and your family on meI determine how much money gets taken out of each paycheck

Your employer asks you to complete me when you start a new jobYou use me to prove that you are eligible to work in the U.S.You must provide identification when submitting me

EDPUZZLE: What You Need to Know About Form W-4

5 min

Which of the following statements about the W-4 form is TRUE? (select all that apply)

Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do?

You will need to include all of the following information on a W-4 form EXCEPT…Name and addressEarned income from previous jobSocial Security numberMarital status

FINE PRINT: W-4 Form

Part I: Read The Fine Print

Analyze this sample W-4 and answer the questions that follow.

What is Maxwell’s filing status?SingleMarried filing jointlyHead of householdDependent

Which statement can you assume is TRUE?

In order to fill out this W-4 form, Maxwell needed to know all of this information EXCEPT…

Maxwell and his spouse file their taxes jointly and entered $4,000 on line 3. What does that tell you?

How many other dependents does Maxwell have?

If Maxwell had other income from interest or dividends which step might he want to complete on the W-4 form?

In June, Maxwell’s father comes to live in their home and can count as Maxwell’s dependent. What does Maxwell need to do on the new W-4 form he submits to reflect this change?

How much EXTRA money is Maxwell withholding from each paycheck?

Which statement below is TRUE?

When Maxwell completes this W-4, who should he submit it to?

Part II: What Did You Learn?Why is it important to read the fine print of your W-4 form?

You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?W-210401099W-4

You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?

Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?

I arrive in the mail or electronically in JanuaryThere is one of me for every job you work as an employeeI tell you how much you earned and how much you already paid in taxes

My filing deadline is in AprilMost people who earned income last year should complete meBeware, there is a LOT to fill out

Your employer asks you to complete me when you start a new jobYou list information about yourself and your family on meI determine how much money gets taken out of each paycheck

Your employer asks you to complete me when you start a new jobYou use me to prove that you are eligible to work in the U.S.You must provide identification when submitting me

Which of the following statements about the W-4 form is TRUE? (select all that apply)

Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do?

You will need to include all of the following information on a W-4 form EXCEPT…Name and addressEarned income from previous jobSocial Security numberMarital status

What is Maxwell’s filing status?SingleMarried filing jointlyHead of householdDependent

Which statement can you assume is TRUE?

In order to fill out this W-4 form, Maxwell needed to know all of this information EXCEPT…

Maxwell and his spouse file their taxes jointly and entered $4,000 on line 3. What does that tell you?

How many other dependents does Maxwell have?

If Maxwell had other income from interest or dividends which step might he want to complete on the W-4 form?

In June, Maxwell’s father comes to live in their home and can count as Maxwell’s dependent. What does Maxwell need to do on the new W-4 form he submits to reflect this change?

How much EXTRA money is Maxwell withholding from each paycheck?

Which statement below is TRUE?

When Maxwell completes this W-4, who should he submit it to?

Part II: What Did You Learn?Why is it important to read the fine print of your W-4 form?

You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?
W-2
1040
1099
W-4

I arrive in the mail or electronically in January
There is one of me for every job you work as an employee
I tell you how much you earned and how much you already paid in taxes

My filing deadline is in April
Most people who earned income last year should complete me
Beware, there is a LOT to fill out

Your employer asks you to complete me when you start a new job
You list information about yourself and your family on me
I determine how much money gets taken out of each paycheck

Your employer asks you to complete me when you start a new job
You use me to prove that you are eligible to work in the U.S.
You must provide identification when submitting me

You will need to include all of the following information on a W-4 form EXCEPT…
Name and address
Earned income from previous job
Social Security number
Marital status

What is Maxwell’s filing status?
Single
Married filing jointly
Head of household
Dependent

Part II: What Did You Learn?
Why is it important to read the fine print of your W-4 form?

You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?
W-2
1040
1099
W-4

I arrive in the mail or electronically in January
There is one of me for every job you work as an employee
I tell you how much you earned and how much you already paid in taxes

My filing deadline is in April
Most people who earned income last year should complete me
Beware, there is a LOT to fill out

Your employer asks you to complete me when you start a new job
You list information about yourself and your family on me
I determine how much money gets taken out of each paycheck

Your employer asks you to complete me when you start a new job
You use me to prove that you are eligible to work in the U.S.
You must provide identification when submitting me

You will need to include all of the following information on a W-4 form EXCEPT…
Name and address
Earned income from previous job
Social Security number
Marital status

What is Maxwell’s filing status?
Single
Married filing jointly
Head of household
Dependent

Part II: What Did You Learn?
Why is it important to read the fine print of your W-4 form?