1. Determining Types of Income Other than Wages#
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2. FirstName LastName
Writing Prompt (1 Paragraph): Describe techniques or methods that could help teachers do their job more effectively.
Begin prompt here. Be sure to indent. #

3. Assignment 1: List 5 ways to earn income:
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Assignment 1: List 5 ways to earn income: #

4. Assignment 2: Define the following words:
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Assignment 2: Define the following words:
Gross income:
Bonds:
Discretionary income:
Government benefits:
Tax exempt income:
Tax deferred income: #

5. Assignment 2: Define the following words:
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Assignment 2: Define the following words:
Capital gain:
Registered bond:
Income stock:
Simple interest income:
Grants/scholarships:
Adjusted gross income: #

6. Assignment 2: Define the following words:
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Assignment 2: Define the following words:
Disposable income:
Monetary gift:
Inheritance:
Stock dividend:
Rent proceeds:
Compound interest: #

7. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
1. Your grandmother sends you a check for $25.00 for Christmas. Is this money considered a non-taxable gift or a source of income that must be taxed? Why or why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

8. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
2. Bill purchased a 20’ boat and trailer for $2, He also purchased a small outboard motor for $ Recently, Bill decided to sell the boat, motor and trailer. His friend Sam decided to purchase the boat, and the transaction was completed for $3, How much did Bill make off of the sale? $______________ Is that amount of money considered income for tax purposes? ________ Why or why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

9. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
4. Sierra recently entered a contest on her 18th birthday and was awarded a prize of $1,000.00! Is this prize money considered taxable income? ______ Why or why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

10. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
5. Cade received notice that his college Pell Grant had been approved. The $3, grant awarded will pay for tuition for his first year of college and will not have to be paid back to the Federal Government. Will Cade have to pay taxes on the grant proceeds? ______ Why or why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

11. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
6. Trace works for a company that pays him $ per week for his labor. Each week he puts $50.00 in a savings plan at his local credit union. The money he deposits qualifies for interest payments at 4% and compounded annually. Is Trace required to pay taxes on the interest earned on his savings? ____ Why or why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

12. FirstName LastName
Open Response: Use the web pages below each scenario to discover what the Internal Revenue Service, State Revenue Departments or Local Municipalities consider as taxable income or non-taxable gifts. Document your notes as you move through the research.
7. Mr. and Mrs. Collier own several houses that they rent to others. Are they required to pay taxes on the proceeds from the rental payments they receive from their tenants? ____ Why or Why not? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ #

13. FirstName LastName
Quick Write: Writre a short three-paragraph essay on “The importance of filing the proper tax reports pertaining to income received and the reason(s) that a responsible citizen has to do so.
Begin prompt here. Be sure to indent. #