Bellwork:
- Finish Lady Gaga's 1040EZ from yesterday and answer the 2 questions on the bottom of the worksheet
Class Objectives:
- Fill out a 1040EZ Form
Today's Agenda:
- Review a practice 1040EZs
- Lady Gaga
- Complete a tax return ON YOUR OWN (DUE TOMORROW)
- Arnold Johnson
- Worksheet
- Blank 1040EZ (hard copy available)
- Submit to the digital drop box if you did online. Give hard copy (WITH YOUR NAME ON IT) to me if you did it on paper.
- Complete the following tax simulations:
- Cicely King- Using a W2 to complete a 1040EZ
- Tasha Miller- Using a W2 and 1099INT to complete a 1040EZ
- Monica Lindo- Completing a 1040EZ as a dependent
Insurance:
Transfers your risk of a financial loss that you couldn't otherwise afford.
Do not take insurance on something you could afford to pay for.
Premium:
Cost to be covered.
Deductible:
Amount you have to pay to cover loss before insurance kicks in.
If you have a higher deductible, your premiums will be lower.
Types of Insurance
Home
- Guaranteed Replacement vs. Extended Replacement
Renters
- Covers contents of your apartment or house you're renting
Auto
Collision
- covers damage caused by you colliding into something
Liability
- covers damage you cause to others
Comprehensive
- covers damage to car not caused by a collision
Health
Disability
- replaces part of your income if you are unable to work beacause of accident or illiness
Long-term Care
- pays for costs if required to reside in a long-term care facility like a nursing home
ID Theft
- "LifeLock" insures you against identity theft
Life
- provides payments to your beneficiaries after you die to help them financially
Umbrella
- liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies. When an insured is liable to someone, the insured's primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy).
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