Jada Fluker - 7.3 Practice : What Do Consumers Expect For Their 2021 Tax Returns?

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7.3 Practice : What Do Consumers Expect For Their 2021 Tax Returns? Name: 1/10/2024 : I can explain how to pay back any taxes they owe or how to maximize a tax refund Reference: Tax Returns Data Center Directions: Use the tabs on the website to answer the questions below 1. What percentage of taxpayers expect to receive a refund? ( Use website above) Tax pays are all expecting a refund so 50% in 2023 DOK 1 2. What is the biggest difference in how people plan to use their tax refund in 2021 than they did in 2020?( Use website above) 2021 is more because of covid DOK 1 3. Create an argument for why you think there was a big increase in the category you answered for Question 2. There is an increase because people still needed to pay bills ete, but because of covid people saved more DOK 2 3. What are 3 conclusions that you can make from the bar graph above about the 2021 tax preparations among the different age groups. Prepare yourself for using computer most people would use an accountant, barley anyone would prepare it by hand E.Hansen 7.3 Lab : What Do Consumers Expect For Their 2021 Tax Returns? Last updated: 2/1/2022

7.3 Practice : What Do Consumers Expect For Their 2021 Tax Returns? Name: 1/10/2024 : I can explain how to pay back any taxes they owe or how to maximize a tax refund 4. How would you describe taxpayer use of their tax refund? The most is for savings DOK 2 5. Demographic Refund Plans 2021: Spending plans for tax refunds (among those expecting a refund this year )Hover over the circles to see the percent. Choose either the Gender, Age or Income tab. What are 3 unique conclusions that can be made. Use the percentages to support your conclusion. (Example: In the age tab 18-24 year olds are saving 63% of their refund compared to 55-64 are saving only 46%. This 17% difference could be that the older people may already have money in savings.) 18-24% for computer software while the other ages gad nore that 18-24 because 18-24 dont make too much money and may be dependent. 5. Marcus has a credit card with $2000 owed at 17% interest. He is thinking of the following options: Plan A: Pay off the credit card with his tax refund. Keep taking ‘extra money' out for taxes so he always gets a refund to pay off the credit card each year. Plan B: Pay less taxes in 2022 and use his “extra” money each week to pay off his credit card each month. Use the refund from 2021 for home improvements. He may owe taxes in 2023 for 2022. Credit Card Calculator *Assume also that he pays no interest to the government, if he owes the government on April 15th. Is it a good strategy to plan for a tax refund every year rather than keeping more of your paycheck throughout the year? Why or why not? * What would be a plan C? Explain and be specific. If he makes a good amount of money in 2021 he could have saved more. DOK 3 E.Hansen 7.3 Lab : What Do Consumers Expect For Their 2021 Tax Returns? Last updated: 2/1/2022

7.3 Practice : What Do Consumers Expect For Their 2021 Tax Returns? Name: 1/10/2024 : I can explain how to pay back any taxes they owe or how to maximize a tax refund Should They File a Tax Return? 7.3 Reference Material 7.3 Reference: Updated Tax Figures 7.3: Earned vs. Unearned Income 7.3 Reference: Do I Need to File a Return? Can this person be claimed as a dependent? Is this person legally required to file a tax return? Why or why not? If no, should they file a tax return? Explain your reasoning. 1.Tim is 16 years old, a high school student, and lives with his parents. He earned $5,200 at his part-time job. yes Yes making enough 2.Jessica is 24 years old and lives in her own apartment. She earned $48,000 from her salaried position last year. no Yes making enough 3. Mason is 17 years old, a junior in high school, and lives with his parents. He had unearned income of $750 yes Not making enough 4. Abby is 15 years old, a sophomore in high school, and lives with her parents. She had $200 in unearned income and earned $1,200 from her part-time job. no Not making enough E.Hansen 7.3 Lab : What Do Consumers Expect For Their 2021 Tax Returns? Last updated: 2/1/2022

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7.3 Practice : What Do Consumers Expect For Their 2021 Tax Returns? Name: 1/10/2024 : I can explain how to pay back any taxes they owe or how to maximize a tax refund 7.3 Reference Material 7.3 Reference: Updated Tax Figures 7.3: Earned vs. Unearned Income 7.3 Reference: Do I Need to File a Return? Can this person be claimed as a dependent? Is this person legally required to file a tax return? Why or why not? If no, should they file a tax return? Explain your reasoning. 5. Brian is 15 years old, a sophomore in high school, and lives with his parents. He has a photography side gig and his net earnings were $320. Brian is not required to file quarterly estimated tax. yes Not making enough 6.Yanely is 18 years old, is a high school senior, and lives with her parents. She earned $6,300 from her part-time job. She claimed EXEMPT on her W-4 on her first day of work yes No she us exempt 7. Ren is 21 years old and is a college senior. He lives at home with his parents and commutes to school. He earned $12,670 from his part-time job no She needs to make more 8. Tori is 20 years old, a junior in college, and lives with her parents. She has a graphic design side gig and her net earnings were $2,150 no She is paid so yes E.Hansen 7.3 Lab : What Do Consumers Expect For Their 2021 Tax Returns? Last updated: 2/1/2022

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