9.5 How to File Your Taxes

Open Ended

1. 25% of people reported filing their federal taxes for free. Do you think this number should be higher? Lower? Or does it seem about right? Explain your answer.

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1. What are the pros and cons of each method for preparing your taxes?

   1. Old Fashion paper filing

   2. Tax preparation websites

   3. Hiring a tax professional:

Tip: The video lists the pros of all three options but only lists cons for paper filing. You will have to brainstorm cons for the other two options on your own.

Open Ended

2. Which option would you choose to prepare your taxes? Explain why.

Multiple Choice

1. All of the following people should receive W-2 forms EXCEPT…

• Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools

• Melinda, who works 40 hours/week at a local ice cream shop during the summer

• Marcus, who is on salary as a sales representative at a shoe store, working full-time

• Serena, who is a freelance wedding photographer

Multiple Select

2. What are two important items detailed in your W-2 form? (select two correct answers)

• Wages, tips, and other compensation

• Number of dependents you will claim

• Federal and state taxes withheld from your earnings

• Additional money you want withheld from your paycheck

Multiple Choice

3. When should you receive your W-2 form from your employer?

• Attached to every pay stub

• By January 1

• By January 31

• By April 15

  
  

State Income Tax Rates: a Complete Guide and Comparison for 2024 Tax YearBusiness InsiderReviewed By Check Mark Iconlighning bolt iconChevron iconChevron iconChevron iconBack to Top

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1. What is the state income tax rate in the state you live?

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2. Which states have no income taxes at all?

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3. What is the difference between a flat tax rate and progressive tax rate?

Multiple Choice

1. If you’re looking to pay as little as possible to file your taxes BUT you’re worried about making mistakes, which tax preparation method would be your best option?

• Do-it-yourself paper filing

• Online tax preparation service

• Hiring a tax professional

• Requesting the IRS complete your taxes for you

Multiple Choice

2. All of the following are found on a W-2 form EXCEPT…

• Wages, tips, and other compensation

• Federal and state taxes withheld

• Sales taxes paid

• FICA taxes withheld

  
  

Multiple Choice

3. Which of the following is the term for a tax rate that increases at higher levels of income?

• FICA tax

• Sales tax

• Flat tax

• Progressive tax

  
  

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