Filing Your Taxes

CHAPTER 10, LESSON 4

NAME DATE

DIRECTIONS
Review the following key terms. Then use the sample Form W-2 and the sample tax table to complete the
Form 1040 tax return. After calculating the tax on the taxable income using the tax table, calculate what the
tax would be using the tax bracket chart. After completing the tax return and the tax bracket calculations,
answer the questions.

Key Terms
• W-2 (Wage and Tax Statement): a form used to report wages paid to employees and
taxes withheld from their wages; should be completed for each employee on or before
January 31 of each year
• 1099 (MISC Statement for Recipients of Non-Employee Compensation): used to
report earnings of $600 or more paid per calendar year, for which no withholding of
social security taxes and income tax was made over the year
• 1040: the basic form used for personal income tax returns filed with the IRS
• IRS (Internal Revenue Service): United States government agency that is responsible
for the collection and enforcement of taxes
• Head of Household: a filing status that is used for individuals who are not married; this
person must pay more than half of the costs for the household in which they live
• Joint Return: income taxes that are filed for a married couple; the income, tax credits,
tax deductions, and tax exemptions are combined on one tax return
• FICA (Federal Insurance Contributions Act): payroll taxes that are used to pay for
Social Security and Medicare programs
• Income Tax Withholdings: money an employer legally has to withhold (take out,
deduct) from an employee’s earnings, and it is sent to the city, state, and federal
governments; this money is applied toward the amount of money an employee will
owe the government agency when income taxes are filed

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 2022 Form W-2
a Employee's social security number This is a recreation of a W-2 for education purposes only.
22222 123-45-6789 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
12-3456789 $42,802.50
$20,000.00 $3,852.20
$1,520.00
c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$20,000.00
$42,802.50 $1,240.00
$2,568.15
Personal
Clean Finance
Wash Car Wash Media, LLC 5 Medicare wages and tips 6 Medicare tax withheld
321123 East Main
Working Road St. $20,000.00
$42,802.50 $290.00
$684.84
New York,
Somewhere US, NY 12345
54321 7 Social security tips 8 Allocated tips

d Control number 9 Verification Code 10 Dependent Care benefits

12345-678910 1a2b-3c4d-567d-8910
e Employees first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12
|
Rebecca
Employee A. K. Foster 13 Statutory Retirement Third-party 12b
1231234 Main
Address St.
Lane Employee plan sick pay
|
Somewhere US, NY
New York, 54321
12345 14 Other 12c
|
f Employee's address and ZIP code 12d
State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips |

Local income tax

Form W-2 Wage and Tax Statement 2022 This is not a real Form W-2 but a recreation
of a W-2 for education purposes only.
Copy C- for Employee’s Records

a Employee's social security number This is a recreation of a W-2 for education purposes only
22222 000-00-0000 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
62-0000XXX $37,000.00 $5,431.25
c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$37,000.00 $2,294.00
Fred's Financial Consulting 5 Medicare wages and tips 6 Medicare tax withheld
456 Dollar street $37,000.00 $536.50
Somewhere US, 54321 7 Social security tips 8 Allocated tips

d Control number 9 10 Dependent Care benefits

e Employees first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12
|
Employee A. Sample 13 Statutory Retirement Third-party 12b
Employee plan sick pay
123 Address Lane |
Somewhere US, 54321 14 Other 12c
|
f Employee's address and ZIP code 12d
State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips |

Local income tax

Form W-2 Wage and Tax Statement 2011 This is not a real W-2 form but a recreation
of a W-2 for education purposes only

CH A P TER 11 Foundations in Personal Finance High School Edition

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 2022 Form 1040

Rebecca K Foster 123 45 6789

1234 Main st.

New York NY 12345

$19,400

$23,402.50

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 2022 Form 1040 (continued)
$2,518

$2,518

$3,852.20

$3,852.20

$3,852.20

$1,344.50

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 Page 6 of 26 Fileid: … -tax-table/2022/a/xml/cycle02/source 13:19 - 28-Nov-2022
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.

2022 Tax Table 2022 Tax Table — Continued

If line 15 If line 15 If line 15

(taxable And you are— (taxable And you are— (taxable And you are—
income) is— income) is— income) is—

At But Single Married Married Head of At But Single Married Married Head of At But Single Married Married Head of
least less filing filing a least less filing filing a least less filing filing a
than jointly * sepa- house- than jointly * sepa- house- than jointly * sepa- house-
rately hold rately hold rately hold

Your tax is— Your tax is— Your tax is—

21,000 24,000 27,000

21,000 21,050 2,318 2,112 2,318 2,230 24,000 24,050 2,678 2,472 2,678 2,590 27,000 27,050 3,038 2,832 3,038 2,950
21,050 21,100 2,324 2,118 2,324 2,236 24,050 24,100 2,684 2,478 2,684 2,596 27,050 27,100 3,044 2,838 3,044 2,956
21,100 21,150 2,330 2,124 2,330 2,242 24,100 24,150 2,690 2,484 2,690 2,602 27,100 27,150 3,050 2,844 3,050 2,962
21,150 21,200 2,336 2,130 2,336 2,248 24,150 24,200 2,696 2,490 2,696 2,608 27,150 27,200 3,056 2,850 3,056 2,968
21,200 21,250 2,342 2,136 2,342 2,254 24,200 24,250 2,702 2,496 2,702 2,614 27,200 27,250 3,062 2,856 3,062 2,974
21,250 21,300 2,348 2,142 2,348 2,260 24,250 24,300 2,708 2,502 2,708 2,620 27,250 27,300 3,068 2,862 3,068 2,980
21,300 21,350 2,354 2,148 2,354 2,266 24,300 24,350 2,714 2,508 2,714 2,626 27,300 27,350 3,074 2,868 3,074 2,986
21,350 21,400 2,360 2,154 2,360 2,272 24,350 24,400 2,720 2,514 2,720 2,632 27,350 27,400 3,080 2,874 3,080 2,992
21,400 21,450 2,366 2,160 2,366 2,278 24,400 24,450 2,726 2,520 2,726 2,638 27,400 27,450 3,086 2,880 3,086 2,998
21,450 21,500 2,372 2,166 2,372 2,284 24,450 24,500 2,732 2,526 2,732 2,644 27,450 27,500 3,092 2,886 3,092 3,004
21,500 21,550 2,378 2,172 2,378 2,290 24,500 24,550 2,738 2,532 2,738 2,650 27,500 27,550 3,098 2,892 3,098 3,010
21,550 21,600 2,384 2,178 2,384 2,296 24,550 24,600 2,744 2,538 2,744 2,656 27,550 27,600 3,104 2,898 3,104 3,016
21,600 21,650 2,390 2,184 2,390 2,302 24,600 24,650 2,750 2,544 2,750 2,662 27,600 27,650 3,110 2,904 3,110 3,022
21,650 21,700 2,396 2,190 2,396 2,308 24,650 24,700 2,756 2,550 2,756 2,668 27,650 27,700 3,116 2,910 3,116 3,028
21,700 21,750 2,402 2,196 2,402 2,314 24,700 24,750 2,762 2,556 2,762 2,674 27,700 27,750 3,122 2,916 3,122 3,034
21,750 21,800 2,408 2,202 2,408 2,320 24,750 24,800 2,768 2,562 2,768 2,680 27,750 27,800 3,128 2,922 3,128 3,040
21,800 21,850 2,414 2,208 2,414 2,326 24,800 24,850 2,774 2,568 2,774 2,686 27,800 27,850 3,134 2,928 3,134 3,046
21,850 21,900 2,420 2,214 2,420 2,332 24,850 24,900 2,780 2,574 2,780 2,692 27,850 27,900 3,140 2,934 3,140 3,052
21,900 21,950 2,426 2,220 2,426 2,338 24,900 24,950 2,786 2,580 2,786 2,698 27,900 27,950 3,146 2,940 3,146 3,058
21,950 22,000 2,432 2,226 2,432 2,344 24,950 25,000 2,792 2,586 2,792 2,704 27,950 28,000 3,152 2,946 3,152 3,064

22,000 25,000 28,000

22,000 22,050 2,438 2,232 2,438 2,350 25,000 25,050 2,798 2,592 2,798 2,710 28,000 28,050 3,158 2,952 3,158 3,070
22,050 22,100 2,444 2,238 2,444 2,356 25,050 25,100 2,804 2,598 2,804 2,716 28,050 28,100 3,164 2,958 3,164 3,076
22,100 22,150 2,450 2,244 2,450 2,362 25,100 25,150 2,810 2,604 2,810 2,722 28,100 28,150 3,170 2,964 3,170 3,082
22,150 22,200 2,456 2,250 2,456 2,368 25,150 25,200 2,816 2,610 2,816 2,728 28,150 28,200 3,176 2,970 3,176 3,088
22,200 22,250 2,462 2,256 2,462 2,374 25,200 25,250 2,822 2,616 2,822 2,734 28,200 28,250 3,182 2,976 3,182 3,094
22,250 22,300 2,468 2,262 2,468 2,380 25,250 25,300 2,828 2,622 2,828 2,740 28,250 28,300 3,188 2,982 3,188 3,100
22,300 22,350 2,474 2,268 2,474 2,386 25,300 25,350 2,834 2,628 2,834 2,746 28,300 28,350 3,194 2,988 3,194 3,106
22,350 22,400 2,480 2,274 2,480 2,392 25,350 25,400 2,840 2,634 2,840 2,752 28,350 28,400 3,200 2,994 3,200 3,112
22,400 22,450 2,486 2,280 2,486 2,398 25,400 25,450 2,846 2,640 2,846 2,758 28,400 28,450 3,206 3,000 3,206 3,118
22,450 22,500 2,492 2,286 2,492 2,404 25,450 25,500 2,852 2,646 2,852 2,764 28,450 28,500 3,212 3,006 3,212 3,124
22,500 22,550 2,498 2,292 2,498 2,410 25,500 25,550 2,858 2,652 2,858 2,770 28,500 28,550 3,218 3,012 3,218 3,130
22,550 22,600 2,504 2,298 2,504 2,416 25,550 25,600 2,864 2,658 2,864 2,776 28,550 28,600 3,224 3,018 3,224 3,136
22,600 22,650 2,510 2,304 2,510 2,422 25,600 25,650 2,870 2,664 2,870 2,782 28,600 28,650 3,230 3,024 3,230 3,142
22,650 22,700 2,516 2,310 2,516 2,428 25,650 25,700 2,876 2,670 2,876 2,788 28,650 28,700 3,236 3,030 3,236 3,148
22,700 22,750 2,522 2,316 2,522 2,434 25,700 25,750 2,882 2,676 2,882 2,794 28,700 28,750 3,242 3,036 3,242 3,154
22,750 22,800 2,528 2,322 2,528 2,440 25,750 25,800 2,888 2,682 2,888 2,800 28,750 28,800 3,248 3,042 3,248 3,160
22,800 22,850 2,534 2,328 2,534 2,446 25,800 25,850 2,894 2,688 2,894 2,806 28,800 28,850 3,254 3,048 3,254 3,166
22,850 22,900 2,540 2,334 2,540 2,452 25,850 25,900 2,900 2,694 2,900 2,812 28,850 28,900 3,260 3,054 3,260 3,172
22,900 22,950 2,546 2,340 2,546 2,458 25,900 25,950 2,906 2,700 2,906 2,818 28,900 28,950 3,266 3,060 3,266 3,178
22,950 23,000 2,552 2,346 2,552 2,464 25,950 26,000 2,912 2,706 2,912 2,824 28,950 29,000 3,272 3,066 3,272 3,184

23,000 26,000 29,000

23,000 23,050 2,558 2,352 2,558 2,470 26,000 26,050 2,918 2,712 2,918 2,830 29,000 29,050 3,278 3,072 3,278 3,190
23,050 23,100 2,564 2,358 2,564 2,476 26,050 26,100 2,924 2,718 2,924 2,836 29,050 29,100 3,284 3,078 3,284 3,196
23,100 23,150 2,570 2,364 2,570 2,482 26,100 26,150 2,930 2,724 2,930 2,842 29,100 29,150 3,290 3,084 3,290 3,202
23,150 23,200 2,576 2,370 2,576 2,488 26,150 26,200 2,936 2,730 2,936 2,848 29,150 29,200 3,296 3,090 3,296 3,208
23,200 23,250 2,582 2,376 2,582 2,494 26,200 26,250 2,942 2,736 2,942 2,854 29,200 29,250 3,302 3,096 3,302 3,214
23,250 23,300 2,588 2,382 2,588 2,500 26,250 26,300 2,948 2,742 2,948 2,860 29,250 29,300 3,308 3,102 3,308 3,220
23,300 23,350 2,594 2,388 2,594 2,506 26,300 26,350 2,954 2,748 2,954 2,866 29,300 29,350 3,314 3,108 3,314 3,226
23,350 23,400 2,600 2,394 2,600 2,512 26,350 26,400 2,960 2,754 2,960 2,872 29,350 29,400 3,320 3,114 3,320 3,232
23,400 23,450 2,606 2,400 2,606 2,518 26,400 26,450 2,966 2,760 2,966 2,878 29,400 29,450 3,326 3,120 3,326 3,238
23,450 23,500 2,612 2,406 2,612 2,524 26,450 26,500 2,972 2,766 2,972 2,884 29,450 29,500 3,332 3,126 3,332 3,244
23,500 23,550 2,618 2,412 2,618 2,530 26,500 26,550 2,978 2,772 2,978 2,890 29,500 29,550 3,338 3,132 3,338 3,250
23,550 23,600 2,624 2,418 2,624 2,536 26,550 26,600 2,984 2,778 2,984 2,896 29,550 29,600 3,344 3,138 3,344 3,256
23,600 23,650 2,630 2,424 2,630 2,542 26,600 26,650 2,990 2,784 2,990 2,902 29,600 29,650 3,350 3,144 3,350 3,262
23,650 23,700 2,636 2,430 2,636 2,548 26,650 26,700 2,996 2,790 2,996 2,908 29,650 29,700 3,356 3,150 3,356 3,268
23,700 23,750 2,642 2,436 2,642 2,554 26,700 26,750 3,002 2,796 3,002 2,914 29,700 29,750 3,362 3,156 3,362 3,274
23,750 23,800 2,648 2,442 2,648 2,560 26,750 26,800 3,008 2,802 3,008 2,920 29,750 29,800 3,368 3,162 3,368 3,280
23,800 23,850 2,654 2,448 2,654 2,566 26,800 26,850 3,014 2,808 3,014 2,926 29,800 29,850 3,374 3,168 3,374 3,286
23,850 23,900 2,660 2,454 2,660 2,572 26,850 26,900 3,020 2,814 3,020 2,932 29,850 29,900 3,380 3,174 3,380 3,292
23,900 23,950 2,666 2,460 2,666 2,578 26,900 26,950 3,026 2,820 3,026 2,938 29,900 29,950 3,386 3,180 3,386 3,298
23,950 24,000 2,672 2,466 2,672 2,584 26,950 27,000 3,032 2,826 3,032 2,944 29,950 30,000 3,392 3,186 3,392 3,304

(Continued)
* This column must also be used by a qualifying surviving spouse.

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-6-
 2022 Tax Brackets
FOR MARRIED
FOR SINGLE FOR HEADS OF
RATE INDIVIDUALS FILING
INDIVIDUALS HOUSEHOLDS
JOINT RETURNS

10% Up to $10,275 $0 to $20,550 $0 to $14,650

12% $10,276 to $41,775 $20,551 to $83,550 $14,651 to $55,900

22% $41,776 to $89,075 $83,551 to $178,150 $55,901 to $89,050

24% $89,076 to $170,050 $178,151 to $340,100 $89,051 to $170,050

32% $170,051 to $215,950 $340,101 to $431,900 $170,051 to $215,950

35% $215,951 to $539,900 $431,901 to $647,850 $215,951 to $539,900

37% $539,901 or more $647,851 or more $539,901 or more

Source:
Tax forms and tax tables are from www.irs.gov.

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 Filing Your Taxes
CHAPTER 10, LESSON 4

1. How much income tax was legally due (using the tax table) as a head of household filer?
$14,650

2. How much income tax (rounded to the nearest dollar) was withheld from the
employee’s income?
$3850

3. How much is still owed in taxes or expected as a refund?

$1344.50

4. How much more or less of a refund would this person get if filing as a single filer?
she woud get a smaller refund, because she is not filling as for two but just for one.

5. What should this person do as a result of this tax return?

she should analyze what she has pseant on and how she needs to spend her money to improve her
tax return next tax filling period.

6. When you calculated the tax on the taxable income using the tax bracket approach,
what was the total tax?
when I calculated it it was 1,250.

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