© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.2 File a Tax Return Objectives: By the end of class, students will.

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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.2 File a Tax Return Objectives: By the end of class, students will be able to:  Identify the information you need to complete your income tax return  Demonstrate an ability to complete a Form 1040EZ

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 5 Your Income Tax Return  A tax return is a set of forms that taxpayers use to calculate their tax obligation.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 3 Chapter 5 Sources of Information for Your Tax Return  Form W-2- A summary of your earnings and withholdings for the year for a job  Form 1099-INT- A statement of the interest your bank paid on your savings that year.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 4 Chapter 5 Income Tax Forms  Form 1040EZ- The simplest of the basic income tax forms, often used by young people and others whose finances are fairly uncomplicated.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 5 Chapter 5 How to Complete a 1040EZ  Identify yourself  Income  Payments and tax  Refund  Amount you owe  Signature  Check for accuracy  Filing your return

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 6 Chapter 5 Self-Employment Tax  Paying on a quarterly basis  Schedule C (1040)

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 7 Chapter 5 Online Payment  Advantages of electronic filing  Shorter processing time  Faster refund  Filing options  IRS web site  Tax preparation software

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  Your Task:  1. Read pages in your Economics textbook.  2. Complete Try These questions 1-6 on Page 175 of your Economics textbook.  Extra Credit: Complete Think Critically questions 9-11 on Page 175. Slide 8 Chapter 5