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DO NOW:. Can you explain why a worker earns $1000 but receives a paycheck for less than $1000? What happens to the amount earned but not received by the employee? (Answer on the back of this sheet or on a separate sheet of paper). IRS Tax Tutorials – The How’s of taxes.

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Do now

DO NOW:

Can you explain why a worker earns $1000 but receives a paycheck for less than $1000?

What happens to the amount earned but not received by the employee?

(Answer on the back of this sheet or on a separate sheet of paper)


Irs tax tutorials the how s of taxes
IRS Tax Tutorials – The How’s of taxes

http://apps.irs.gov/app/understandingTaxes/student/hows.jsp

Complete lessons 1, 2, 10 and 14 – try out the Tax Tutorial, Simulation and Assessment. Finish with a skill check.


The why s of taxes
The Why’s of Taxes

  • http://apps.irs.gov/app/understandingTaxes/student/whys.jsp

    Complete the following lessons:

    Theme 4, Lesson 1

    Theme 6, Lessons 2 and 3


Irs tax calculator
IRS: Tax calculator

Go to the following website:

http://www.salary.com/

and select a potential job that you would eventually like to have. Use the Annual average wage/salary to calculate how much you would have to pay in taxes with that job using the link below.

http://apps.irs.gov/app/withholdingcalculator/

(Answer on the back of this sheet or on a separate sheet of paper)


Scenario 1 single person
Scenario 1: Single person

Rent: $1,000/month

Food: $250/month

Transportation (car payment, gas, insurance): $350/month

Utilities (gas, heat, electricity): $200/month

Phone, Internet: $100/month

Other: $___/month

Calculate how much you will need to earn per year to cover all of your expenses after taxes. What is that amount?

(Write your answers on the back of this sheet or on a separate sheet of paper)


Summary
SUMMARY

What is the most fair way to collect taxes?

Why might a national sales tax be more equitable than a national income tax? Explain.

Write your answers on a separate sheet of paper or on the back of this sheet. This is due on Monday, April 29.


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