Transcript Taxes for Teens

Using the IRS
“1040EZ” Form
Do You Know…
1.
2.
3.
4.
Who pays taxes?
Why do we need to pay taxes?
What is a tax liability?
What form do most teens use
to pay their tax liability?
1040EZ Form
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The 1040 EZ form offers quick
and easy tax filing to some
Americans.
Click on the link below to see
the 1040EZ form.
1040ez.pdf
Who should use the 1040 EZ?
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Young people (not claiming
education credits if in college)
Singles
Married couples who do not own a
home or claim children as
dependents.
You do not claim any adjustments to
income
Your taxable income is less than
$100,000.
What paperwork do you need
to use the 1040EZ?
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W-2 forms from your employer
Personal information such as social
security number and address, but no
other paperwork.
You can obtain your 1040EZ from
your local library. U.S. Post Offices
and some banks. You can also file
online if you choose.
Sample W-2 Form
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Contains your tax information for one job in
one year
You’ll receive one for each job you worked
at during the year
12-2222222
Real World Business
16,680.24
1,728.00
16,680.24
1034.16
16,680.24
241.92
Chicago, IL 60640
000-00-000
D
Irma Money
2301 South Jackson
Chicago, IL 60640
IL
12-2222222
16,680.24
440.40
2000.00
Samples and Practice
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Next we’ll take a look at how to
complete the form
Then you’ll get to fill out your
own
Click the link to see a
completed sample 1040EZ.pdf
1040EZ Instructions
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Ironically, when printed out, the
IRS’s instruction book for this 1
page “EZ” form is about a 3/8
inch thick 35 page document.
You should have a blank
1040EZ
Sample W-2
Sample completed 1040EZ
Do You Know…
1.
2.
3.
4.
Who pays taxes?
Why do we need to pay taxes?
What is a tax liability?
What form do most teens use
to pay their tax liability?
Now its your turn to try!
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Print your name, address and Social
Security Number in the section titled
“Label”
We will use the sample W-2 form for
the Income section and complete as
indicated calculating your taxable
income.
Complete the payments and tax
section and then go to the booklet
(sheet) provided in the handouts to
calculate your tax.
Continued
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Subtract line 11 from line 10 and
place that amount on line 12a. This
is your refund.
Otherwise you may owe money and
have to write a check.
Be sure to sign your return and add
in additional information as required.
You should not need a paid preparer
for this form.
Good Luck!!