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Taxes: W-2 Form Analysis
- Price per Classroom$2.00
- Grade Levels 7, 8, 9, 10
- Topics Taxes
- Duration 15 Minutes
- Auto Scored? Yes
- Teacher Evaluation Needed? No
Activity Description
In this worksheet, students will analyze a sample W-2 form to understand its various components and the information it provides about an employee's earnings and taxes paid. By reading the W-2 form and answering a series of questions, students will learn how to interpret this important tax document and understand its relevance in preparing tax returns.
Activities:
- Introduction to the W-2 Form: Students will receive an overview of the W-2 form, its purpose, and why it is important for employees and the IRS.
- Analyze Sample W-2 Form: Students will be provided with a sample W-2 form, including various sections that report different types of earnings and tax withholdings. Students will identify different sections of the W-2 form, such as Wages, Federal income tax withheld, Social Security, etc.
- Question and Answer: Students will answer a series of questions based on the information provided in the sample W-2 form.
This worksheet is designed to enhance students' financial literacy and tax knowledge, providing them with practical skills to interpret and use W-2 forms effectively.
Teacher Tips
Included with the activity, you can view the tips to clarify student's doubts or to evaluate answers (for a teacher scored worksheet).
- Price per Classroom$2.00
- Grade Levels 7, 8, 9, 10
- Topics Taxes
- Duration 15 Minutes
- Auto Scored? Yes
- Teacher Evaluation Needed? No
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National Standards in Personal Financial Education
Students will know that Most income is taxed by the government to pay for government-provided goods and services .. Students will use this knowledge to 4-7a . Describe examples of government-provided goods and services that are paid for with taxes . 4-7b . Explain why citizens are required to contribute to the cost of fire protection, police, public libraries, and schools .
Students will know that Social Security is a federal government program that taxes workers and employers to provide retirement, disability, and survivor income benefits for workers or their dependents .. Students will use this knowledge to 8-6a . Identify the different groups of people who qualify for Social Security benefits . 8-6b . Research the Social Security tax rate for someone who is self-employed vs . someone who is working for an employer . 8-6c . Given information on a worker’s income and today’s Social Security tax rates, calculate what the worker and the worker’s employer will pay in Social Security taxes . 8-6d . Investigate Social Security benefits for people of different income levels at their full retirement age .
Students will know that People are required to pay taxes on most types of income, including wages, salaries, commissions, tips, earnings on investments, and self-employment income .. Students will use this knowledge to 8-7a . Illustrate the relationship between income level and income tax paid . 8-7b . Describe how taxes are paid on tip income . 8-7c . Research the consequences of failing to pay income taxes .
Students will know that The government provides income support and assistance for people who qualify based on low income or other criteria .. Students will use this knowledge to 8-8a . Explain the financial situation addressed by Medicaid and SNAP (Supplemental Nutrition Assistance Program) . 8-8b . Give several examples of personal circumstances that qualify for government income support or assistance .
Students will know that Earning Income 12-6. Students will use this knowledge to Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals . The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes .