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1.05BM Teens and Taxes

Last updated 2 months ago
31 questions
Note from the author:

Student Activity Packet

Analyze: Should They File a Tax Return?

Learning Objectives

Students will be able to:
  • Identify key facts about taxes and the tax cycle
  • Explain who qualifies to be claimed as a dependent for tax purposes
  • Determine whether or not a person is required to file taxes
National Standards for Personal Financial Education
Earning Income
  • 8a: Explain the difference between earned and unearned income
  • 11a: Evaluate the benefits and costs of gig employment, such as driving for a cab or delivery service

Student Activity Packet

Analyze: Should They File a Tax Return?

Learning Objectives

Students will be able to:
  • Identify key facts about taxes and the tax cycle
  • Explain who qualifies to be claimed as a dependent for tax purposes
  • Determine whether or not a person is required to file taxes
National Standards for Personal Financial Education
Earning Income
  • 8a: Explain the difference between earned and unearned income
  • 11a: Evaluate the benefits and costs of gig employment, such as driving for a cab or delivery service
Intro/Warm-Up:

QUESTION OF THE DAY: How much tax refund money went unclaimed by 1.5 million Americans who didn’t file their taxes?

5 min

Answer the question on the first slide in the space below. Then, compare your answer to the answer on the second slide. Finally, follow your teacher’s directions on how to answer the follow-up questions on the last slide.
1
How much tax refund money went unclaimed by 1.5 million Americans who didn’t file their taxes?$_______ Dollars
Learn It!

REFERENCE: Dependents

Whether or not you’re a dependent can impact your tax situation and the people who might claim you as a dependent. Review the reference to learn about who qualifies as a dependent. Then, answer the question.
1

Only U.S. citizens can be claimed as a dependent for tax purposes.

6
Create an imaginary profile for someone who CAN be claimed as a dependent and someone who CANNOT be claimed as a dependent. Be sure to include their age and at least TWO details that explain why they can or cannot be claimed as a dependent.
Can Be Claimed:
_______ _______ _______
Cannot be Claimed:
_______ _______ _______

REFERENCE: Do I Need to File a Tax Return?

8 min

As a teen, filing a tax return can be a mostly straight-forward process. However, you may be wondering how that process changes if someone claims you as a dependent or if you are a self-employed worker or household employee. Read through this reference to learn more about what to do in these scenarios. Then, answer the questions.

2

Tip: The first question requires information from this resource and the Updated Tax Figures resource.

Which of the following people is/are legally required to file a tax return?

1

The resource mentions that if the IRS owes you a refund, you won’t be penalized if you file your tax return late. Why might you want to file your tax return on time anyway?

2
When filling out a W-4 form, in what situation would a teen want to claim exemption from federal income taxes being withheld from their paycheck? _______ What is the benefit of doing so?_______
2
What is the amount of the self-employment tax (SECA)_______ and how does it compare to FICA taxes?_______
Do It!
1

Can Tim be claimed as a dependent?

1
Is this person legally required to file a tax return? _______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can they be claimed as a dependent?

2
Is this person legally required to file a tax return?_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can Mason be claimed as a dependent?

1
Is this person legally required to file a tax return?_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can Kathryn be claimed as a dependent?

1
_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can they be claimed as a dependent?

1
Is this person legally required to file a tax return?_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can Ren be claimed as a dependent?

1
Is this person legally required to file a tax return?_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
1

Can Tori be claimed as a dependent?

1
Is this person legally required to file a tax return?_______
Why or why not?_______
1
If no, should they file a tax return? Explain your reasoning._______
Exit Ticket
1

All of the following people can be claimed as a dependent for tax purposes EXCEPT…

1

You are required to file a tax return in all of the following scenarios EXCEPT…

1

What is the purpose of the self-employment tax (SECA)?