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TEACHING AND LEARNING THE W-4 - PAYING TAXES MONEY WORKSHEET - W4 LESSON PLAN - EARNING MONEY INCOME TAX WITHHOLDING ALLOWANCES LESSONS

 

TAX FORM W-4 WORKSHEET LESSON

click to go to worksheet

 

Practice and learn to fill in the W-4 tax form lesson.  The W-4 form is often filled out for new employment (or when your tax situation changes) for determining how much money is withheld for federal income taxes.

 

LESSON LEARNED

 

Practice filling out the W4 tax form.

 

OTHER SKILLS REINFORCED

 

Basic Math

Addition, Subtraction

Percentages

 

SUGGESTED

GRADE LEVELS

7+

Adult Education

Special Education

Anyone who wants to learn and practice filling out the W-4.

 

 

Suggested Money Lesson Plan for this Tax Worksheet

 

Give an introductory lesson about paying taxes to your students. 

 

Print and hand out the W-4 form to the students and ask if anyone has ever seen a W-4 form?

 

When do we get a W-4 form? (for new employment, starting a new job)

 

What is done with the W-4 once it is filled out? (you cut off the bottom half of the page and give it to your employer).

 

What is the purpose of the W-4 form? (it tells the employer how much money to withhold for taxes from the employee).

 

Explain to them each of the lines on the form.  Also review some terms such as IRS, W-4, Gross Income, deductions, etc.

 

Fill in a sample W4 form with the students.  It is important that the information be filled in is accurate.  For this exercise, make the simple assumptions that everyone is single and no one else may claim them as a dependent.

 

The more exemptions that are claimed, the less money that is withheld.  You may claim exemptions for yourself, your spouse, your children, and any other dependents.

 

Other deductions include the earned income credit, and other credits.

 

Once you have stepped through a W-4, print out the worksheet below and allow each student to fill in their own W-4 using the information provided in the worksheet.

 

Other Notes:

If there is any event that causes information on the form to be obsolete, then you should file a new W-4 with your employer (for example, having children).

 

If you don't claim enough exemptions, you run the risk of being responsible for tax penalties.  Normally, 90% of your taxes due need to be withheld during the year.

 

If you think you are going to be responsible for paying more taxes in a given year, you can use the W-4 form to increase the amount of money your employer holds for taxes, so you don't have to make additional payments during the year.

 

WORKSHEET Instructions

 

 

This worksheet contains a random information required for filling the W-4 tax form.

 

Students should use the information to fill out the form.  Print out both the worksheet as well as the form W-4 below.

 

 

 

 

WORKSHEET

This worksheet may be customized by the following settings,

including personalizing the worksheet with your own chosen name.

 

 

 

 

You may personalize this worksheet with a name you

select by entering the name in the box below.

 

 Name  

 

 

 

Note - Requires FULL Membership

 

Also print out the W-4 form

for this worksheet:

 

Tax Form W-4

 

note -- adobe acrobat required.

if above form is unavailable -- use this version of W-4 Form

 

 

 

Go back to worksheet info

 

 

 
 

 

SUGGESTIONS/COMMENTS
 
 
 

 

 

 

 

 
 

WITHHOLDING TAX INFORMATION:

 

Withholding Income Tax:  Look at a Smaller Refund Differently

Many individuals think they are saving money by withholding more than they need on their Federal Income Tax.  Here is some advice on how to properly adjust tax withholding.

 

 

 

 

 

 

You may come back to these worksheet links more than once if your

students are having trouble mastering this concept, since

these are RANDOM worksheets. Every time you choose the

link (or press "refresh" on your browser) a NEW worksheet will be generated.

 

Income Tax Withholding Lesson

 

W-4 Tax

 

 

 

 

More Paying Taxes Worksheets and Lesson Plans

 

 

 

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