1040 Income Tax Form by stt16066

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									 Income Tax

Social Studies/Economics
    Descriptive Overview:

   This lesson will allow students to
complete a 1040 income tax from.
Students will use information provided
by a W2 form to complete this task.
   Lesson Objectives/Goals:
Students will:
$ Define income tax.
$ complete a 1040 tax form.
$ describe the details of the tax
  form.
  Terminology/ Vocabulary:


$ Income Tax
$ An income tax is a tax that is based one the amount
  of money earned by an individual. In 1913, the
  Sixteenth Amendment was passed that allowed the
  government the ability to collect, or levy this tax.

$ Income tax is the largest source of revenue for the
  Federal Government. These income taxes are not
  based on the total income, but rater the amount of
  money that is left over after deductions have been
  subtracted. The amount that is left over after all
  possible deductions and exemptions is called the
  taxable income. Taxpayers must pay the
  government an income tax on a part of this taxable
  income.
$ A system of withholding taxes has been designed for
  employers. Employers subtract a certain part of
  money from every employees gross income. This
  money is directly sent to the federal and state
  governments. A summary of these withholdings is
  presented to the employee on a W2 form that aids
  the employee in the completion of taxes.
     Tax Return Questions
$ What information does the W-2 for
  provide for a taxpayer?
$ List some examples of withholding
  taxes.
$ How can a taxpayer qualify for a tax
  refund?
$ What are some sources of income on
  which tax must be paid?

								
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