Economics

Economics

Grade 12

Watch the video

•https://www.investopedia.com/terms/t/taxes.asp

Chapter 4.2: Paying taxes

Pages 604-607

Objectives

• Determine the taxes to be paid

• Analyze the W-4 Form 

• Discuss the importance of filing for a tax

Taxes

•Internal Revenue Service (IRS) is the government agency that collects the federal taxes owed by Americans. Most states also collect taxes. Taxes for the previous year must be paid by April 15 of the current year. For example, taxes for income earned in 2017 would need to be paid by April 15, 2018. ​

•Filing status is based on your marital status or support of dependents.​

•​Taxable income is the income subject to taxation after exemptions and deductions.

Open Ended

•How can you determine the amount to be paid as taxes?

•What are the different taxes to be paid?

Multiple Choice

•Why does filing status depend on dependents?

• It determines the tax bracket

• It tells the amount you pay

• It tells the taxes you pay

• It tells us about taxes

Open Ended

•Analyze the figure CPF-17 provided on page 604.

•Find the contents of the form W-4 and write method of filing it.

Multiple Choice

•Why should someone want additional money to be withheld?

• they spend more

• they will hold excess money

• they can get a refund

Video

•https://www.investopedia.com/ask/answers/051415/what-are-different-ways-i-can-file-my-income-tax-return.asp

Multiple Choice

Why do you need to file a tax return even if you don’t owe any money?

• Allows to pay taxes

• Lose money

• Allows refund

• help the government

Open Ended

•How to file for tax ?

•What are the common mistakes that you make?

Open Ended

•How can you determine the amount to be paid as taxes?

•What are the different taxes to be paid?

Open Ended

Write the main points of the lesson.