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Sample 1040Ez Form - DOC

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					LINKING TO THE WORLD                                     Business Activities for the Real World


                       IT’S TAX TIME: 1040EZ
                               Form 1040EZ Income Tax Project


                                         OBJECTIVES


        Students will demonstrate understanding of and ability to complete tax forms.
        Students will demonstrate ability to interpret tax data.
        Students will demonstrate knowledge of spreadsheet or tax preparation applications
         programs.


                                GENERAL INFORMATION


    Knowledge and Skills            Materials & Equipment                      Software
    formulas                          computer                         spreadsheet
    functions                         printer                          tax software
    layouts                           IRS Form 1040EZ
    tax information                   1040EZ guides                        Time Frame
    deductions                                                          1 Week
    “what if”


                                           OPTIONS


    MANUAL: Use actual tax forms.
    TAX SOFTWARE: Enter appropriate data into program.
    SIMPLE SPREADSHEET: Create appropriate format for calculating taxes.

         Editor’s Note: A sample format can be found on page 4.28. Additionally, a lookup table
         could be used to enrich the project. Answers on page 4.40 (use of current IRS information
         will cause answers to vary).

    ADVANCED SPREADSHEET: Duplicate tax forms into a spreadsheet, including formulas,
     etc. Final form should be similar to actual tax forms. File should include: 1040EZ template.


                                        EVALUATION


    1040EZ Tax Reports



                                              - 4.27 -
LINKING TO THE WORLD                              Business Activities for the Real World


              IT’S TAX TIME: 1040EZ
                          Form 1040EZ Sample Format


                     FORM 1040EZ SAMPLE FORMAT



          1. Total wages, salaries, and tips                      7,780.00
          2. Taxable interest income of $400 or less                 38.00
          3. Adjusted gross income
             [Add lines 1 and 2]
          4. If single enter 6,250.00                             6,250.00
             If married enter 11,250.00
          5. Taxable income
             [Subtract line 4 from line 3. If line 4 is
             larger than line 3, enter 0.

          6. Enter Federal income tax withheld                     583.50
          7. Earned income credit                                    0.00
          8. Total payments
             [Add lines 6 and 7]
          9. Tax
             [On the amount on line 5]
         10. Refund
             [If line 8 is larger than line 9, subtract line
             9 from line 8]
         11. Amount you owe
             [If line 9 is larger than line 8, subtract line
             8 from line 9]




                    Form 1040EZ Lookup Table
                 At least         But less than     Your tax is
                     1,500            1,525             227
                     1,525            1,550             231
                     1,550            1,575             234
                     1,575            1,600             238




                                       - 4.28 -
LINKING TO THE WORLD                               Business Activities for the Real World


                  IT’S TAX TIME: 1040EZ
                           Form 1040EZ Income Tax Project


                         FORM 1040EZ TAX PROBLEMS


1. You are single and your parents claim you. Your wages were $8,592.39 and had
   $925.13 withheld. You also had $115.15 in interest income. You decide if you wish to
   contribute to the presidential election fund.

2. You are single and your parents do not claim you. Your wages were $35,137.99 and
   had $2,992.72 withheld. You decide if you wish to contribute to the presidential
   election fund.

3. You are single and your parents do not claim you. Your wages were $45,006.38 and
   had $5,112.78 withheld. You also had $395.00 in interest income. You decide if you
   wish to contribute to the presidential election fund.




                                        - 4.29 -
LINKING TO THE WORLD                                 Business Activities for the Real World


                   IT’S TAX TIME: 1040EZ
                                      TEST

                          FORM 1040EZ TAX PROBLEMS


1. Mack (191-06-7884) and Bea Arthur (007-54-2222) plan to file the 1040EZ jointly.
   Neither are claimed as dependents by their parents. Mack earned $28,739.32 and Bea
   earned $21,954.44. Their interest income was $288.01. Mack’s withholding was
   $3,393.72; Bea’s was $2,415.05. Mack supports the presidential election fund while
   Bea does not. Their address is 3700 North MacArthur Blvd., Irving, Texas 75062.

2. Chester Nimitz (911-45-7771) plans to file the 1040EZ as a single person. His parents
   claim him. Chester earned $7,794.93 and had $1,141.10 deducted for withholding. He
   also had interest income of $163.55. Chester does not support the presidential election
   fund. His address is 100 West Oakdale Road, Fredricksburg, Texas 77020.




                                          - 4.30 -

				
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