Each year your employer gives you a wage and Tax Statement called a W-2. Your W-2 reports the wages you were paid and the taxes that were withheld

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2 Each year your employer gives you a wage and Tax Statement called a W-2. Your W-2 reports the wages you were paid and the taxes that were withheld throughout the year. The form also reports FICA taxes to the Social Security Administration. In order to file your taxes, you will use the information found on your W-2 to fill out a 1040EZ. These two forms are then submitted to the federal government.

3 Complete the Graphic Organizer using a W-2 and a 1040EZ as your two tax documents. You may want to look at this site to help you fill it out: You may also use any other site.

4 Go to the following site and take the quiz to determine if you need to file a federal income tax: File-a-Tax-Return%3F * If you do need to file, make sure you get your taxes done by April 15 th! Find the copy of your W-2 and your 1040EZ. We will now fill them out. You may want to keep open in another tab.

5 Interview two employed individuals in your community. Ask them how they prepare their individual tax returns. Ask them for advice on keeping your financial records organized. Fill out the Explore Your Community Form. You can ask a relative, a teacher, or any other tax-paying adult.

6 Start by writing in your first name and middle initial, your last name, and your MADE UP social security number (it s on your W-2). Enter your home address, apartment number, city, and zip code If you would like to donate $3 to the presidential campaign, check the box.

7 Fill out line 1 using your W-2. Fill out lines 2 and 3. Assume $10.66 taxable interest and no unemployment compensation. Add the amounts on lines 1-3 to find the adjusted gross income. Write this sum on line 4. Assume that you will be claimed as a dependent. Check Yes on line 5 for You and complete the following: Complete the Worksheet for dependents who checked Yes on line 5 section On line A, enter the amount from Line 1 On line C, enter the larger of the two amounts listed in lines A and B For line D, enter the maximum standard deduction Compare the amounts on lines C and D. Enter the smaller of the two amounts on line E. Complete lines F and G. Record your answer for line G on the front page- Line 5 Continued on next page

8 Complete Line 6 by subtracting. This is your taxable income. Refer to the W-2 to find the amount of income already withheld- Box 2 What amount will go in line 7? Record this amount. For line 8, assume that you did not receive the earned income tax credit. Add lines 7 and 8 for line 9 For line 10 of a 1040EZ return, you will determine your tax liability. This is the amount you are obligated to pay in federal income tax. It depends on your filing status, the exemptions you claim, and your taxable income. Refer to line 6 on your 1040EZ. Then go to the tax table starting on page 29 of to find your tax amount. Continued on next page

9 Complete the Refund section on your 1040EZ. If you owe the IRS money, obtain a blank check from Mrs. Rossman. Write a check to the IRS for the amount owed. If you are getting a refund, make up a fake routing number and account number and fill them in on your 1040EZ. If you would like to permit another person to review your tax information, fill out the Third Party Designee section. Otherwise, skip this section. Sign and date your tax return. Fill in your occupation and phone number. Enclose your W-2, your completed1040ez, and any money owed in an envelope and address the envelope as indicated on the last page of

10 Read the following article. usinessweek_online.html Sketch, draw, paint, or design three roadside billboards using Microsoft Word or Publisher that will educate taxpayers on resources available to help them file. These billboards must TEACH them something about filing their taxes. You can look at other internet sites to help.

11 The following must be submitted: 1. Research Graphic Organizer (W-2 vs 1040EZ) 2. Explore the Community Paper 3. Envelope with your filed tax return 4. Three informative roadside billboards

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