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Tax Preparation Basics Worksheet
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Tax Preparation Basics Worksheet
📚 Part 1: Tax Knowledge Multiple Choice
1. What is the purpose of income tax?
To fund government services and programs
To punish people who earn money
To help banks make more money
To reduce the amount of money in circulation
2. Which of the following is considered taxable income? (Check all that apply)
Wages from your part-time job
Interest earned on savings account
Gifts under $15,000
Tips received while working
3. What does "W-2" refer to in tax preparation?
A form showing your annual wages and tax withholdings
A form for claiming deductions
A form for business expenses
A form for reporting investment income
4. When is the tax filing deadline for most individuals?
April 15th
December 31st
January 31st
March 15th
🧮 Part 2: Tax Calculations
5. Sarah earned $28,000 at her job this year. She qualifies for the standard deduction of $12,950. Calculate her taxable income.
Taxable Income = $ __________
6. Using the tax table below, calculate the tax owed on a taxable income of $15,000:
Tax Brackets (Single Filer):
• 10% on income up to $10,275
• 12% on income from $10,276 to $41,775
Total Tax Owed = $ __________
7. Mike's W-2 shows he earned $32,000 and had $3,200 withheld for federal taxes. His calculated tax owed is $2,850. Will he get a refund or owe money? How much?
Mike will: _________________ Amount: $ __________
✏️ Part 3: Tax Form Understanding
8. List three pieces of information you would need to gather before starting to prepare your tax return:
9. Explain the difference between a tax deduction and a tax credit in your own words:
10. Why might someone choose to have a tax professional prepare their return instead of doing it themselves?
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