1.06BM How to File Your Taxes & Types of Taxes

Last updated about 1 month ago

32 questions

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Desmos: Exploring State and Local Income Taxes

1.6MB Desmos 2: Explore Tax Rates by Income Level and Tax Type

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1.06BM How to File Your Taxes & Types of Taxes

1.06BM How to File Your Taxes & Types of Taxes

PROMPT:

25% of people reported filing their federal taxes for free. Do you think this number should be higher? Lower? Or does it seem about right? Explain your answer.

REFERENCE: Tax Preparation Checklist for Teens

After reviewing this checklist, how do you plan on keeping your important tax documents organized at home?

What can you do if you are missing any documents?

Is there anything on this list you are unsure of or have any questions about?

VIDEO: Ways to File Your Taxes

VIDEO: What’s a W-2 Form?

ACTIVITY: FINE PRINT: W-2 Form

Which states have no income taxes at all? (7)

What is the difference between a flat tax rate and progressive tax rate?

Which country has the highest tax rate? What is it?

Identify at least one other country with a similar tax rate as the United States.

If you’re looking to pay as little as possible to file your taxes BUT you’re worried about making mistakes, which tax preparation method would be your best option?

All of the following are found on a W-2 form EXCEPT…Wages, tips, and other compensationFederal and state taxes withheldSales taxes paidFICA taxes withheld

Which of the following is the term for a tax rate that increases at higher levels of income?FICA taxSales taxFlat taxProgressive tax

PROMPT:

25% of people reported filing their federal taxes for free. Do you think this number should be higher? Lower? Or does it seem about right? Explain your answer.

REFERENCE: Tax Preparation Checklist for Teens

After reviewing this checklist, how do you plan on keeping your important tax documents organized at home?

What can you do if you are missing any documents?

Is there anything on this list you are unsure of or have any questions about?

VIDEO: Ways to File Your Taxes

VIDEO: What’s a W-2 Form?

What are two important items detailed in your W-2 form? (select two correct answers)Wages, tips, and other compensationNumber of dependents you will claimFederal and state taxes withheld from your earningsAdditional money you want withheld from your paycheck

When should you receive your W-2 form from your employer?Attached to every pay stubBy January 1By January 31By April 15

ACTIVITY: FINE PRINT: W-2 Form

What do you know about Lily’s employment?Lily earned minimum wage plus tipsLily worked at Scoops Ice Cream in 2024Lily worked during every month of 2024Lily’s annual net pay (take-home pay) was $14,450 after taxes

Lily uses a tax filing software that asks for her Employer’s Identification Number (EIN). What is it?123-45-6789987654321001222340011545-0008

What tax information is NOT included on this W-2?Gross wages earnedFederal income taxes she’s already paidState income taxes she’s already paidIncome earned from her investments

What were Lily’s gross wages from this employer for this period?$895.90$1,080.50$14,450$16,635.92

What was the largest withholding on Lily’s W-2?Medicare taxFederal income taxState income taxSocial security tax

While filing, Lily finds out that her total federal income tax due was $190. Based on her federal income tax withheld, how much of a tax refund can she expect?$190.00$890.50$1,080.50$13,369.50

Lily paid ______ in Social Security tax, which is _______ of her total wages.$209.52; 1.45%$209.52; 6.2%$895.90; 6.2%$895.90; 1.45%

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?$1,080.50$1,755.32$2,185.92$2,886.75

Based on her W-2, what state income tax rate did Lily pay?234.09 / 14,450.00 = 1.62%440.73 / 14,450.00 = 3.05%895.90 / 14,450.00 = 6.20%440.73 / 1080.50 = 40.79%

What is the purpose of a W-2 form?

Which states have no income taxes at all? (7)

What is the difference between a flat tax rate and progressive tax rate?

Which country has the highest tax rate? What is it?

Identify at least one other country with a similar tax rate as the United States.

If you’re looking to pay as little as possible to file your taxes BUT you’re worried about making mistakes, which tax preparation method would be your best option?

All of the following are found on a W-2 form EXCEPT…Wages, tips, and other compensationFederal and state taxes withheldSales taxes paidFICA taxes withheld

Which of the following is the term for a tax rate that increases at higher levels of income?FICA taxSales taxFlat taxProgressive tax

What are two important items detailed in your W-2 form? (select two correct answers)Wages, tips, and other compensationNumber of dependents you will claimFederal and state taxes withheld from your earningsAdditional money you want withheld from your paycheck

When should you receive your W-2 form from your employer?Attached to every pay stubBy January 1By January 31By April 15

What do you know about Lily’s employment?Lily earned minimum wage plus tipsLily worked at Scoops Ice Cream in 2024Lily worked during every month of 2024Lily’s annual net pay (take-home pay) was $14,450 after taxes

Lily uses a tax filing software that asks for her Employer’s Identification Number (EIN). What is it?123-45-6789987654321001222340011545-0008

What tax information is NOT included on this W-2?Gross wages earnedFederal income taxes she’s already paidState income taxes she’s already paidIncome earned from her investments

What were Lily’s gross wages from this employer for this period?$895.90$1,080.50$14,450$16,635.92

What was the largest withholding on Lily’s W-2?Medicare taxFederal income taxState income taxSocial security tax

While filing, Lily finds out that her total federal income tax due was $190. Based on her federal income tax withheld, how much of a tax refund can she expect?$190.00$890.50$1,080.50$13,369.50

Lily paid ______ in Social Security tax, which is _______ of her total wages.$209.52; 1.45%$209.52; 6.2%$895.90; 6.2%$895.90; 1.45%

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?$1,080.50$1,755.32$2,185.92$2,886.75

Based on her W-2, what state income tax rate did Lily pay?234.09 / 14,450.00 = 1.62%440.73 / 14,450.00 = 3.05%895.90 / 14,450.00 = 6.20%440.73 / 1080.50 = 40.79%

What is the purpose of a W-2 form?

All of the following are found on a W-2 form EXCEPT…
Wages, tips, and other compensation
Federal and state taxes withheld
Sales taxes paid
FICA taxes withheld

Which of the following is the term for a tax rate that increases at higher levels of income?
FICA tax
Sales tax
Flat tax
Progressive tax

What are two important items detailed in your W-2 form? (select two correct answers)
Wages, tips, and other compensation
Number of dependents you will claim
Federal and state taxes withheld from your earnings
Additional money you want withheld from your paycheck

When should you receive your W-2 form from your employer?
Attached to every pay stub
By January 1
By January 31
By April 15

What do you know about Lily’s employment?
Lily earned minimum wage plus tips
Lily worked at Scoops Ice Cream in 2024
Lily worked during every month of 2024
Lily’s annual net pay (take-home pay) was $14,450 after taxes

Lily uses a tax filing software that asks for her Employer’s Identification Number (EIN). What is it?
123-45-6789
987654321
00122234001
1545-0008

What tax information is NOT included on this W-2?
Gross wages earned
Federal income taxes she’s already paid
State income taxes she’s already paid
Income earned from her investments

What were Lily’s gross wages from this employer for this period?
$895.90
$1,080.50
$14,450
$16,635.92

What was the largest withholding on Lily’s W-2?
Medicare tax
Federal income tax
State income tax
Social security tax

While filing, Lily finds out that her total federal income tax due was $190. Based on her federal income tax withheld, how much of a tax refund can she expect?
$190.00
$890.50
$1,080.50
$13,369.50

Lily paid in Social Security tax, which is _ of her total wages.
$209.52; 1.45%
$209.52; 6.2%
$895.90; 6.2%
$895.90; 1.45%

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?
$1,080.50
$1,755.32
$2,185.92
$2,886.75

Based on her W-2, what state income tax rate did Lily pay?
234.09 / 14,450.00 = 1.62%
440.73 / 14,450.00 = 3.05%
895.90 / 14,450.00 = 6.20%
440.73 / 1080.50 = 40.79%

All of the following are found on a W-2 form EXCEPT…
Wages, tips, and other compensation
Federal and state taxes withheld
Sales taxes paid
FICA taxes withheld

Which of the following is the term for a tax rate that increases at higher levels of income?
FICA tax
Sales tax
Flat tax
Progressive tax

What are two important items detailed in your W-2 form? (select two correct answers)
Wages, tips, and other compensation
Number of dependents you will claim
Federal and state taxes withheld from your earnings
Additional money you want withheld from your paycheck

When should you receive your W-2 form from your employer?
Attached to every pay stub
By January 1
By January 31
By April 15

What do you know about Lily’s employment?
Lily earned minimum wage plus tips
Lily worked at Scoops Ice Cream in 2024
Lily worked during every month of 2024
Lily’s annual net pay (take-home pay) was $14,450 after taxes

Lily uses a tax filing software that asks for her Employer’s Identification Number (EIN). What is it?
123-45-6789
987654321
00122234001
1545-0008

What tax information is NOT included on this W-2?
Gross wages earned
Federal income taxes she’s already paid
State income taxes she’s already paid
Income earned from her investments

What were Lily’s gross wages from this employer for this period?
$895.90
$1,080.50
$14,450
$16,635.92

What was the largest withholding on Lily’s W-2?
Medicare tax
Federal income tax
State income tax
Social security tax

While filing, Lily finds out that her total federal income tax due was $190. Based on her federal income tax withheld, how much of a tax refund can she expect?
$190.00
$890.50
$1,080.50
$13,369.50

Lily paid in Social Security tax, which is _ of her total wages.
$209.52; 1.45%
$209.52; 6.2%
$895.90; 6.2%
$895.90; 1.45%

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?
$1,080.50
$1,755.32
$2,185.92
$2,886.75

Based on her W-2, what state income tax rate did Lily pay?
234.09 / 14,450.00 = 1.62%
440.73 / 14,450.00 = 3.05%
895.90 / 14,450.00 = 6.20%
440.73 / 1080.50 = 40.79%