Outline the process for making tax payments.
Outline should include
- completing an Internal Revenue Service (IRS) Form W-4, including how to manage withholding amounts
- reading and interpreting a pay stub
- identifying key information on an IRS Form W-2
- explaining the basics of tax preparation and the IRS Form 1040
- explaining Form 1099 and when it is used.
Process/Skill Questions:
- Which department collects federal income taxes in the United States?
- The Federal Insurance Contributions Act (FICA) mandates that every taxpayer in the U.S. must contribute to which two government programs?
- How much money do you need to earn before an employer must send you an IRS Form W-2?
- What is a tax deduction? How does it differ from a tax credit?
- When should one itemize instead of taking the standard deduction?
Teacher Resource: Links to an external site.