tion above, us Figure 12.4 on page corresponding tax page 397 to determ owe the governmer 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? a refund. How muc THINK CRITICALLY or how much will h 4. Briefly describe situations in which it would be advantageous to use Form 1040A SOLVE MONEY P
tion above, us Figure 12.4 on page corresponding tax page 397 to determ owe the governmer 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? a refund. How muc THINK CRITICALLY or how much will h 4. Briefly describe situations in which it would be advantageous to use Form 1040A SOLVE MONEY P
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 6RP
Related questions
Question
Transcribed Image Text:Section 12.2 Assessment
QUICK CHECK
Calculate Given the informa-
tion above, use Form 1040EZ in
Figure 12.4 on pages 394 and 395 and the
corresponding tax table in Figure 12.5 on
page 397 to determine whether Shirley will
owe the government money or will obtain
a refund. How much money will she owe,
1. Who must file a federal income tax return?
2. What are the three basic tax forms discussed
in this section?
3. What documents do you need to begin to
prepare your tax return?
THINK CRITICALLY
or how much will her refund be?
4. Briefly describe situations in which it
would be advantageous to use Form 1040A
instead of Form 1040EZ. When would you
use Form 1040EZ?
SOLVE MONEY PROBLEMS
6. Planning for Tax Time Poor Fred.
Tax time is drawing near, and he does not
know how to begin to prepare his income
tax return. He has piles of forms and other
paperwork, but he just cannot figure out
what to do with them. Fred needs help,
USE MATH SKILLS
5. A Taxing Question Last year, Shirley,
a single college student, made $12,500
in total wages, salaries, and tips. She had
and fast!
$1,200 of federal income tax withheld. Her
Write About It Write instructions
to Fred on the best way to prepare to
file an income tax return. Tell him which
taxable interest was $59. No one was able
to claim Shirley as a dependent on his or
her tax return.
forms are important and where he can go
to get forms he needs.
D0
Unit 4
Protecting Your Finances
CONTENTS
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