The Checks in the Mail aka Filing your taxes!.

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Presentation transcript:

The Checks in the Mail aka Filing your taxes!

Objectives By the end of the lesson, the students will: Be able to fill out a W-4 form Understand the role of W-2s and 1099INT forms Be able to complete a 1040EZ tax form based on a given scenario Locate reputable online tax resources

Determines how much tax will be withheld from your paycheck Employment forms Application - An employment application form, unlike a resume, is a legal document that applicants sign to verify the information provided is true and correct. I-9 - The Employment Eligibility Verification Form I-9 is a U.S. Citizenship and Immigration Services form. It is used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States. W-4 form – Determines how much tax will be withheld from your paycheck

What happened to my money?! Hand out the W-4 forms and have the students complete them. DO NOT USE REAL SOCIAL SECURITY NUMBERS!

It is EZ! Three Separate forms 1040EZ 1040 A --- allows more specified deductions. A little more complicated 1040 – much more complicated – but can be done by an individual. Recommend using turbo tax or an accountant. Even if you “qualify” for the form 1040EZ – you may get more money back if you use the 1040A!!

Gather your material W-2 forms have to be sent to the employees by January 31st (mail). Many companies (including DPS) send them out electronically. You may have more than one W-2 form. You will have one for each employer from the past year. The 1099 form reflects any other money you may have received – interest from savings account or dividends from stock. Hand out the completed W-2 forms

It is a story problem! Hand out the 1040EZ form. Go through as a class using the fake W-2 forms.

Tax Tables

Online Resources Federal Tax Information Colorado Tax Information http://www.irs.gov/pub/irs-pdf/i1040ez.pdf http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free Colorado Tax Information https://www.colorado.gov/pacific/sites/default/files/104Book.pdf Online Tax Filing --- Read the Fine Print!! https://turbotax.intuit.com/ http://www.hrblock.com/online-tax-filing/ First two are free!!!

Giving Back through the state! Total of 15 charitable funds to sponsor! I challenge you to give back a minimum of $10!!!