Day 60: Tax Forms

Bellwork:

• W-4 forms and allowances:  Learn more about these items by completing this online tutorial.

Class Objectives:

• Fill out a W-4 form
• Explain information from different sections of a 1040EZ

Today's Agenda:

1. Online W-4 Simulation
2. Fill out a W-4
3. Dissecting a 1040EZ

2016 Form W-4
This is for your employer. It tells them the number of allowances you are claiming

Form W-2
goes to you by month #2. Your employer gives this to you by February 1st of the following year. This tells you your income and deductions for the previous year.

Form 1099
If you work as an independent contractor, the company you work for will five this to you to let you know how much of your income came from them. They take out no deductions. You are responsible for all income taxes and both the employee and employer portion of FICA taxes.

Form 1099-INT
comes from bank. tells you how much interest you earned

Form 1099-DIV
comes from broker or mutual fund. tells you your dividend earnings.

Form 1040-EZ
This is the form that you use to file your tax return by April 15th of the following year.

2015 Tax Tables

Dave Ramsey’s $55,000 Financial Literacy Challenge is now open! This Challenge, sponsored by Zander Insurance, is a brief online money quiz and survey and gives high school seniors a chance to win a $40,000 scholarship. Yes, you read that right—$40,000—which can be used at any college the winner wants to attend! Other prizes for underclassmen and additional scholarships for seniors are also up for grabs.

Your students can access the Challenge at https://www.daveramsey.com/challenge?ectid=50.23.2821&teacher_email=mhaworth@leyden212.org

When students use this custom link, they will be included in your class performance metrics. You’ll automatically receive your class performance metrics* once the Challenge closes, and your students will also receive an individual score report via email after the Challenge ends.

Students will need to submit limited contact information so we can notify winners. This information will only be used to contact Challenge winners and will not be used in any way for future sales or marketing purposes!The Challenge ends Monday, April 25.  Best of luck to your students!