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The taxes we all pay are used to fund government activities and a wide variety of public services, from national defense to local libraries. The amount of federal income tax we pay is often a large amount, so it is in our best interest to understand federal income tax principles in order to minimize our tax liability.
This assignment will allow students to practice using an online tax calculator to understand how their tax liability can change based on changes to certain criteria.
INSTRUCTIONS
Part A
Go to http://www.turbotax.com, go to “Tax calculators” under “Tools & Tips,” and click “TaxCaster calculator” to answer the following questions:
Assume that your filing status is single, you are not head of household, and you are 35 years old. Compute your refund based on the following data: Your wages were $65,000, and you had $15,000 withheld for federal taxes and $3,000 for state taxes.
Compute your refund using the same data as in #1 except that you are married and filing jointly. Your spouse is also 35 years old, and also earned $65,000, and had $15,000 withheld for federal taxes and $3,000 for state taxes.
Assume the same facts as in #2 except that you own a home on which you paid $15,000 in interest and $5,000 in real estate taxes during the tax year. Compute your refund.
Using the same facts as in #3, assume that you and your spouse both contributed $2,000 to a traditional IRA. Neither of you are eligible to contribute to a retirement plan at work. Compute your refund.
Part B
In addition to indicating the calculations from the above, address the following:
Do you currently file income taxes? Yes
Do you normally get a refund, or do you owe? Refund
Which do you think is “better” – a big refund or owing a small balance? Why? I prefer to get back a small amount because that means I can make the money I have to work for me all year long as opposed to it being tied up in the government.
Did you find it easy to use the TaxCaster?
Were you surprised by any of the calculations you arrived at in part A?
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