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2.2.7.L1

Paying Your Income Taxes Note Taking Guide

Total Points Earned Maggie Scott
Name
Total Points Possible

Percentage

Date

Class

Directions: Use the prompts provided to help you take notes during the lesson.

Income taxes are… Another type of tax we pay Four benefits citizens receive
is… because of taxes collected are…

Taxes we pay Sales tax Safe roads

when we get a Libraries
paycheck Parks
Public schools

Why does our income tax system continue to change over the years?

The government wants more money

What does “civic duty” have to do with Which community benefit is most important to you at
you and income taxes? this point in your life? Why?
It is our responsibility to pay taxes as a US Public Schools because I’m in school
citizen

What is the difference between federal income and federal outlays?

Federal income-giving money to the government
© Take Charge Today – January 2020 – Paying Your Income Taxes

The University of Arizona

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2.2.7.L1

Federal outlays-spending money

What is the significance of April 15th Explain what “reconciling your

as it relates to paying income taxes? taxes” means?
It is Tax Day, the day we pay taxes compare the what you payed to
what you expected to

What are the three pieces of 1. filing status

information you provide to your
employer through the W-4
Employee’s Withholding
Certificate?
2. number of dependents
3. how much income to withhold and send
to the IRS

Why would someone complete Section 4 on the W-4 Employee’s Withholding Certificate?
If they want additional tax withheld each pay period

© Take Charge Today – January 2020 – Paying Your Income Taxes

The University of Arizona

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2.2.7.L1

Where could you find a calculator to help

Give an example of “other income” that
might cause you to change your determine how much you should withhold
withholding amounts on the W-4 Form? for taxes?
(See Section 4) IRS online calculator
Retirement income

How much money would be withheld from José’s paycheck if…

His bi-weekly pay is $1,360.00 and he is single? His bi-weekly pay is $1,360 and he is married filing
$99 jointly?
$41

You will receive a W-2 if you are an: employee

You will receive a 1099 if you are an:Independent contractor

A W-2 reports what information? Income and deductions

Employers are required to send you January

a W-2 31
by what date?

Six steps necessary to reconcile your income taxes:

Provide details to describe what a taxpayer needs to do to

complete this step.
Step 1 Gather your documents
Ex: social security card

Step 2 Acquire Form 1040 Get the form 1040

Step 3 Fill out the tax form and

determine any specific
schedules you need to file
with your Form 1040.
Step 4 Reconcile your income taxes
Use details from W2 to fill out form 1040, then follow directions
Compare the amount of income tax paid to the amount you should
have paid

© Take Charge Today – January 2020 – Paying Your Income Taxes

The University of Arizona

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2.2.7.L1

Step 5 Sign your tax form Sign and date the form, write down occupation as well

Step 6 Submit your tax form Mail in form

What are three benefits of having a paid What are three benefits of completing your tax
provider complete your tax paperwork for you? paperwork yourself?

1. save money
1.tax professionals are better at it

2. financial insight
2. less error

3. could make a mistake

3. easier

© Take Charge Today – January 2020 – Paying Your Income Taxes

The University of Arizona