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1.04BM The Tax Cycle and Job Paperwork

Last updated 2 months 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
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
1

Important tax dates and deadlines throughout the year

1

The multiple different tax forms and their purpose

1

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

DO IT!
RESEARCH: The Tax Cycle
Filing your taxes can be intimidating. Set yourself up for success by learning the most important deadlines.
  1. Research when these events happen in the tax cycle to complete the tables below.
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ACTIVITY: COMPARE: Tax Forms and Their Purpose

10 min

No matter what part of the tax cycle you’re in, there are different forms that will be crucial in preparing and filing your taxes. The more you know about these forms, the easier they will be to manage when you’re using them.
1

  • 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

1

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

1

  • 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

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  • I arrive in the mail or electronically in January
  • You get me if…
  • You are NOT an employee, but were paid by a company
  • You sold investments (for a loss or gain)
  • You received dividend or interest payments
  • You earned other types of income
  • You probably didn’t withhold taxes from my earnings, so you may have a big tax bill coming up!

1

  • 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

Learn It!

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

5 min

In the last resource you learned how the W-4 form is different from other tax forms. Let’s take another look at this important tax form you’ll need to fill out when you get a new job. Watch this video and follow your teacher's directions to answer the questions either in your student activity packet or within the EdPuzzle itself.
NOTE: EdPuzzle videos shuffle answer choices and do not always match the order provided in the lesson here.
2

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

1

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?

1

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

Do It!

FINE PRINT: W-4 Form

You will need to fill out a W-4 form on your first day of work. Make sure you know how to complete it properly, since it can impact your federal tax return.

Part I: Read The Fine Print

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


1

What is Maxwell’s filing status?
  1. Single
  2. Married filing jointly
  3. Head of household
  4. Dependent

1

Which statement can you assume is TRUE?

1

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

1

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

1

How many other dependents does Maxwell have?

1

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

1

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?

1

How much EXTRA money is Maxwell withholding from each paycheck?

1

Which statement below is TRUE?

1

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

3

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

Exit Ticket
1

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?
  1. W-2
  2. 1040
  3. 1099
  4. W-4

1

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?

1

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