9.4 Lesson 4: How to File Your Taxes

Last updated about 2 hours ago

24 Nsɛmmisa

Hyɛ no nsow a efi ɔkyerɛwfo no hɔ:

Akwankyerɛ

Intro

Learn It

Do It

Learn It

Exit Ticket

1

Laabri

9.4 Lesson 4: How to File Your Taxes

Last updated about 2 hours ago

24 Nsɛmmisa

Hyɛ no nsow a efi ɔkyerɛwfo no hɔ:

Learning Objectives

Students will be able to:

Identify the different forms needed to prepare their taxes
Compare different methods of preparing federal and state taxes
Analyze a W-2 form
Describe the difference between a flat and progressive tax rate

National Standards for Personal Financial Education

Earning Income

6b: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
7d: Explain why some income is reported on an IRS Form W-2 and some is reported on an IRS Form 1099, and how that could affect their taxes
8a: Explain the difference between earned and unearned income

Akwankyerɛ

Learning Objectives

Students will be able to:

Identify the different forms needed to prepare their taxes
Compare different methods of preparing federal and state taxes
Analyze a W-2 form
Describe the difference between a flat and progressive tax rate

National Standards for Personal Financial Education

Earning Income

6b: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
7d: Explain why some income is reported on an IRS Form W-2 and some is reported on an IRS Form 1099, and how that could affect their taxes
8a: Explain the difference between earned and unearned income

Intro

Review the chart and use the space below to answer the prompt.

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1

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.

Learn It

What do you need to file your taxes? Review this handy list of items you will need to fill out the 1040 form. Check off the items you’re confident you will have ready. Take note of any items you’re unsure or have any questions about.

Once you’ve gathered everything you’ll need, you have a few different options to choose from in how to prepare and submit your taxes. Watch this video to learn more about the three most commonly used options. Then, answer the questions.

Tip: The video lists the pros of all three options but only lists cons for paper filing. You will have to brainstorm cons for the other two options on your own.

What are the pros and cons of each method for preparing your taxes?

1

Old-fashioned paper filing

You are in control and doesn’t cost anything
It’s possible that you could make mistakes

Pro
Con

1

Tax preparation websites

Easy to use and convenient
Costs money and, like paper filing, it’s possible that you could miss something or make mistakes

Pro
Con

1

The W-2 form contains some of the most crucial information you’ll need to prepare your taxes. Watch this video to learn why it’s so important. Then, answer the questions.

1

All of the following people should receive W-2 forms EXCEPT…

Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools

Melinda, who works 40 hours/week at a local ice cream shop during the summer

Marcus, who is on salary as a sales representative at a shoe store, working full-time

Serena, who is a freelance wedding photographer

1

Do It

Analyze this sample W-2 to answer the questions.

1

Learn It

In the previous resources you’ve learned that in addition to federal income taxes, states can also withhold income taxes from your earnings. Review the article to learn more about how different states handle income taxes. Then, answer the questions.

1

What is the state income tax rate in the state you live?

1

Exit Ticket

1

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?

Do-it-yourself paper filing

Online tax preparation service

Hiring a tax professional

Requesting the IRS complete your taxes for you

1

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

1

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

Learning Objectives

Students will be able to:

Identify the different forms needed to prepare their taxes
Compare different methods of preparing federal and state taxes
Analyze a W-2 form
Describe the difference between a flat and progressive tax rate

National Standards for Personal Financial Education

Earning Income

6b: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
7d: Explain why some income is reported on an IRS Form W-2 and some is reported on an IRS Form 1099, and how that could affect their taxes
8a: Explain the difference between earned and unearned income

Learning Objectives

Students will be able to:

Identify the different forms needed to prepare their taxes
Compare different methods of preparing federal and state taxes
Analyze a W-2 form
Describe the difference between a flat and progressive tax rate

National Standards for Personal Financial Education

Earning Income

6b: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
7d: Explain why some income is reported on an IRS Form W-2 and some is reported on an IRS Form 1099, and how that could affect their taxes
8a: Explain the difference between earned and unearned income

Review the chart and use the space below to answer the prompt.

null

1

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.

What do you need to file your taxes? Review this handy list of items you will need to fill out the 1040 form. Check off the items you’re confident you will have ready. Take note of any items you’re unsure or have any questions about.

Once you’ve gathered everything you’ll need, you have a few different options to choose from in how to prepare and submit your taxes. Watch this video to learn more about the three most commonly used options. Then, answer the questions.

Tip: The video lists the pros of all three options but only lists cons for paper filing. You will have to brainstorm cons for the other two options on your own.

What are the pros and cons of each method for preparing your taxes?

1

Old-fashioned paper filing

You are in control and doesn’t cost anything
It’s possible that you could make mistakes

Pro
Con

1

Tax preparation websites

Easy to use and convenient
Costs money and, like paper filing, it’s possible that you could miss something or make mistakes

Pro
Con

1

Hiring a tax professional

Most likely will cost the most money out of all the options
Peace of mind knowing that a professional is handling what could be a complicated task

Pro
Con

1

Which option would you choose to prepare your taxes? Explain why.

In the previous resources you’ve learned that in addition to federal income taxes, states can also withhold income taxes from your earnings. Review the article to learn more about how different states handle income taxes. Then, answer the questions.

1

What is the state income tax rate in the state you live?

1

Which states have no income taxes at all?

1

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

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?

Do-it-yourself paper filing

Online tax preparation service

Hiring a tax professional

Requesting the IRS complete your taxes for you

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

Hiring a tax professional

Most likely will cost the most money out of all the options
Peace of mind knowing that a professional is handling what could be a complicated task

Pro
Con

Which option would you choose to prepare your taxes? Explain why.

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 2025

Lily worked during every month of 2025

Lily’s annual net pay (take-home pay) was $17,780 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?

$1,102.36

$1,600.20

$17,780.00

$20,220.67

What was the largest withholding on Lily’s W-2?

Medicare tax

Federal income tax

State income tax

Social security tax

Based on this W-2, which of the following statements is TRUE?

Lily is contributing to a 401(k) retirement through her employer

Lily works in the state of Indiana, which has a state income tax

Lily’s taxable wages are much larger at the federal level than at the state or local level

Lily earned less than $14,600 (which is the standard deduction amount)

While filing, Lily finds out that her total federal income tax due was $318. Based on her federal income tax withheld, how much of a tax refund can she expect?

$318.00

$1,282.20

$1,600.20

$2,642.37

Lily paid in Social Security tax, which is _ of her total wages.

$257.81; 1.45%

$257.81; 6.2%

$1,102.36; 6.2%

$1,102.36; 1.45%

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?

$881.89

$1,600.20

$2,482.09

$3,842.26

Based on her W-2, what state income tax rate did Lily pay?

339.60 / 17,780.00 = 1.91%

542.29 / 17,780.00 = 3.05%

1,102.36 / 17,780.00 = 6.20%

542.29 / 1,600.20 = 33.89%

9.4 Lesson 4: How to File Your Taxes

9.4 Lesson 4: How to File Your Taxes

Learning Objectives

Learning Objectives

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.

Old-fashioned paper filing

Tax preparation websites

All of the following people should receive W-2 forms EXCEPT…

What is the state income tax rate in the state you live?

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…

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

Learning Objectives

Learning Objectives

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.

Old-fashioned paper filing

Tax preparation websites

Hiring a tax professional

Which option would you choose to prepare your taxes? Explain why.

All of the following people should receive W-2 forms EXCEPT…

What are two important items detailed in your W-2 form? (select two correct answers)

When should you receive your W-2 form from your employer?

What do you know about Lily’s employment?

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

What tax information is NOT included on this W-2?

What were Lily’s gross wages from this employer for this period?

What was the largest withholding on Lily’s W-2?

Based on this W-2, which of the following statements is TRUE?

While filing, Lily finds out that her total federal income tax due was $318. Based on her federal income tax withheld, how much of a tax refund can she expect?

Lily paid ______ in Social Security tax, which is _______ of her total wages.

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?

Based on her W-2, what state income tax rate did Lily pay?

What is the state income tax rate in the state you live?

Which states have no income taxes at all?

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

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…

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

Hiring a tax professional

Which option would you choose to prepare your taxes? Explain why.

What are two important items detailed in your W-2 form? (select two correct answers)

When should you receive your W-2 form from your employer?

What do you know about Lily’s employment?

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

What tax information is NOT included on this W-2?

What were Lily’s gross wages from this employer for this period?

What was the largest withholding on Lily’s W-2?

Based on this W-2, which of the following statements is TRUE?

While filing, Lily finds out that her total federal income tax due was $318. Based on her federal income tax withheld, how much of a tax refund can she expect?

Lily paid ______ in Social Security tax, which is _______ of her total wages.

What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?

Based on her W-2, what state income tax rate did Lily pay?

Which states have no income taxes at all?

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

Lily paid in Social Security tax, which is _ of her total wages.

Lily paid in Social Security tax, which is _ of her total wages.