Personal Finance – 11/30/2016

I.  Bellwork

• piece-work-bellwork

II.  Objectives

• Define basic tax terminology
• Identify and explain the information necessary for  tax preparation
• Determining meanings of words and phrases as they relate to tax preparation and identify how they are applied through class discussion and reading.

II.  Discussion

• Intro to Taxes chapter-07

III.  Classwork

A.  Chapter 7.2 Pages 141-155

 

1. 9 Definitions p 141
2. Filing Status: 5 examples
3. Dependents: 4 examples
4. How does filing status affect the amount of taxes you will pay?
5. Explain the difference between earned and unearned income.
6. Identify Items included in Gross Income: 6
7. Explain the difference between Gross Income and taxable income
8. Explain the difference between 1040EZ and 1040A
9. Provide examples of deductible expenses.
10. Explain which would reduce your taxes more, a $300 tax deduction or a $300 tax credit?

B.  H & R Block Budget Challenge

Personal Finance F2016