Problem Statement
How do we get a tax refund using the W-2 and 1040EZ forms?
Process
- Review the information on the W-2 form and be sure that all of the information listed is accurate for you
- Review the 1040EZ form to see what you will be expected to fill out
- Fill out your personal information at the top of the 1040EZ form
- Fill out the income section making sure you read each prompt carefully (most of the information can be found on the W-2 form)
- Fill out question 5 on the back if you are a minor and will be claimed as a dependent by your parents
- Finish the income section by creating a final number for your taxable income
- Fill out the payments, credits and tax section
- Finish the payments, credits and tax section by creating a final number for your total tax
- Fill out the refund section; filling in your routing and account numbers of your bank account
- Fill out the amount you owe section
- Sign the bottom of the 1040EZ saying that you authorize the tax that you have to pay
- Send the 1040EZ and W-2 forms to the IRS
Solution
In the end you don't need to pay any taxes because you don't have enough income in order to pay taxes. You are refunded $266 from the federal government but the medicare and social security dividends are not returned to you. Medicare and social security taxes will benefit you in the future so it is important to pay those.
Problem EVALUATION
This is an important problem to complete as high school students ready to graduate (often already with jobs) to prepare for the adult world. We all need to pay taxes as citizens of the U.S. and it is a good skill to have before leaving for college.
Self ASSESSMENT
As a person who fills out taxes, and has for now two years, I feel well versed in how to do my taxes. I feel that this problem strengthened my ability to do my taxes and will be able to in the future.