Death and Taxes IRS Form 1040EZ

1. Death and TaxesIRS Form 1040EZ Given the IRS 1040EZ tax form, sample Instructions, and financial information sheets, you will complete the Payments / Credits / Tax section with complete 100 percent accuracy. Because the IRS does not grade on the curve.

2. Death and Taxes There is an old saying which goes like this, “There are two things in life that are sure, death and taxes.”

3. Death and Taxes You can’t avoid either one. And you better be ready for both otherwise… here’s your new home .

4. Death and Taxes We spend a large part of our working year just paying for taxes.  For most of us, it is a regular part of life and work.  We are taxed when we work, and often taxed when we make a purchase. 

5. Death and Taxes Besides federal income taxes, we have state taxes, personal property taxes, sales taxes, capital gains taxes, and more. 

6. Death and Taxes When April 15th draws near, and tax returns must be mailed to the Internal Revenue Service, many suddenly wonder what taxes they owe, how much they can deduct, and how can they pay less.

7. Death and Taxes On April 15th, there are three taxes due, depending on the state you live in.  1. Federal 2. State 3. City   In Texas we currently do not have state income taxes and Texas cities do not have city income taxes

8. Death and Taxes Depending on your income for the prior year, you will pay taxes. The following lessons will help you learn more about federal income taxes and how to complete federal income tax forms.

9. Death and Taxes First you need to watch the video: And you need two things: 1. A 1040 EZ Tax Form http://www.moneyinstructor.com/documents/f1040ez.pdf 2. The Taxpayer Information Sheet

10. Death and Taxes  Information Sheet Name: death and taxes Address: 1836 Revolution Way, Lostin, Tx. 12345 Social Security number: 123-45-6789 Total Salary: $17,260.68 Single and no one else may claim you on their return. Interest earned: $96.49 Money withheld: $3,107.00 Donate Money to Presidential Election campaign?  NO Employed the entire year. No earned income credits. No unemployment compensation.

11. Death and Taxes

12. Death and Taxes Take the information from the Taxpayer Information Sheet and fill out the Label Section of the 1040 EZ Tax form. Make sure you fill out the full address, social security number, martial status and presidential campaign fund box.

13. Death and Taxes Now Complete The Label Section

14. Death and Taxes 1st QUIZ: Use The Taxpayer Information Sheet What is the Taxpayer Name? What is the Taxpayer Address? What is the Taxpayer Social Security Number? Does the Taxpayer donate to the Presidential campaign fund?

15. Death and Taxes 1st QUIZ Answers: 1. death and taxes 2. 1836 Revolution Way, Lostin, Tx. Zip code: 12345 3. 123-45-6789 4. No

16. Death and Taxes • Remember we are looking for three things: • Mastery of the Material • 100 percent accuracy • Ability to take the information from one form and use it to complete another.

17. Death and Taxes Take the information from the Taxpayer Information Sheet and fill out the Income Section of the 1040 EZ Tax form. Make sure you have the correct salary on the correct line and to add the taxable interest. Also remember to do the math to find your adjusted gross income.

18. Death and Taxes Now Complete The Income Section

19. Death and Taxes 2nd Quiz: Use The Taxpayer Information Sheet What is your salary? How much is your interest income Did you collect unemployment? What is your adjusted gross income? Can someone else claim you on their taxes? What is your taxable income?

20. Death and Taxes 2nd Quiz Answers 1. $17,260.68 2. $96.49 3. No 4. $17,357.17 5. No 6. $9,657.17

21. Death and Taxes Are you getting things correct? If not, go back and find out where you made your mistake and correct them. You can doooo itttt!!!!!!

22. Death and Taxes • Remember we are looking for three things: • Mastery of the Material • 100 percent accuracy • Ability to take the information from one form and use it to complete another.

23. Death and Taxes Take the information from the Taxpayer Information Sheet and fill out the Payments and Tax Section of the 1040 EZ Tax form. Make sure you fill find how much money you had withheld, can you claim the earned income, do the math to find your total credits, find your tax in the box.

24. Death and Taxes Now Complete The Payments and Tax Section

25. Death and Taxes 3rd Quiz Use The Taxpayer Information Sheet 1. How much money have you had withheld? 2. Can you claim the earned income credit? 3. What is your total payments? 4. What is your tax?

26. Death and Taxes 3rd Quiz Answers 1. $3,107.00 2. No 3. $3,107.00 4. $1151.00

27. Death and Taxes Now it is time to see if you get a refund or if you owe tax. Complete the Refund, Amount you owe and Signature sections. Remember if you had more withheld than you owe in taxes you get a refund but if you owe more in taxes than you had withheld then you have to pay.

28. Death and Taxes Now Complete The Refund / Owe and Signature Section

29. Death and Taxes 4th Quiz Use The Taxpayer Information Sheet 1. Which is bigger line 9 or line 10? 2. Do you owe tax or do you get a refund? 3. How much is your refund or how much do you owe?

30. Death and Taxes 4th Quiz Answers 1. Line 10? 2. Owe 3. $1956.00

31. Death and Taxes Did you get everything correct? If not, go back and find out where you made your mistake and correct them. Learning how to correctly complete the form is our goal. Now make sure you have signed your return.

32. Death and Taxes Now trade your paper with your designated partner and double check each other’s work and correct mistakes. After you have checked your partners work sign your name where it says paid preparers signature. Your grade is based upon the accuracy of your return and your review of your partners return.

33. Death and Taxes rubric rubric 1. The label section completed with 100 percent accuracy. 2. The income section completed with 100 percent accuracy. 3. The payments and tax section completed with 100 percent accuracy. 4. The refund / amount owe section completed with 100 percent accuracy 5. The signature section and partner double check was completed with 100 percent accuracy. 1. 20 points 2. 20 points 3. 20 points 4. 20 points 5. 20 points Total: 100 points

34. Additional HelpDeath and Taxes Videos: http://videos.howstuffworks.com/business-and-money/irs-videos-playlist.htm#video-5228 Wedsites: http://www.ehow.com/how_2080777_fill-out-income-tax-return.html http://www.hrblock.com http://www.irs.gov http://turbotax.intuit.com/ Where do federal taxes go? http://www.cbpp.org/cms/index.cfm?fa=view&id=1258

35. Death and Taxes References and Credits: WWW.MoneyInstructor.com IRS Form 1040EZ: Department of the Treasury