principles of business, marketing and finance income tax return 1 copyright © texas education...

Principles of Business, Marketing and Finance

Income Tax Return

1Copyright © Texas Education Agency, 2012. All rights

reserved.

Copyright © Texas Education Agency, 2012. All rights reserved.

3

Discovery•Determine the gross income for an

individual working 40 hours per week at minimum wage.

•Will the individual receive a check from the company they are working for in that amount?

•How do taxes affect the individual’s income?


4

Need to Know Terms•Filing Status•Exemption•Gross Income•Adjusted Gross Income•Itemized Deductions•Standard Deduction•Taxable Income•Tax Credit


5

Introduction–Purpose of the LessonSWBAT

(students will be able to)

• Identify tax forms • Complete individual tax return• Determine exemptions and deductions on a tax

return


6

Guided Practice•Go to the website:

http://jafinancepark.ja.org/PublicUser/JumpPage

•Complete the log-in process by filling in your information

•Follow the steps to set up a simulation •Practice making financial decisions and

filing taxes.




7

Independent Practice• Fill in your personal information on the Form 1040

EZ .• Use the financial information located on the

provided W-2 to complete the required areas on the form.

• Calculate the tax return based on the formulas provided throughout the 1040 EZ.

• Double check all calculations and information to ensure accuracy for the IRS.

• Turn in completed Form 1040 EZ and completed W-2 with your information added.


8

Summary•Why is it important to complete the Form

W-4 correctly upon starting a new job?•Who do you send an individual tax return

to?•What is the last date you can file an

individual tax return without penalty?•When should employers provide the W-2

to employees?•What are some examples of exemptions

you may have on a tax return?

principles of business, marketing and finance income tax return 1 copyright © texas education...

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