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TEACHING AND LEARNING THE W-2 - PAYING TAXES MONEY WORKSHEET - IRS W2 LESSON PLAN - EARNING MONEY INCOME TAX FREE LESSONS - HOW TO READ THE W-2 FORM COPY BLANK SAMPLE ONLINE GUIDE INTRODUCTION PRINTABLE TEMPLATE LESSON

 

TAX FORM W-2 LESSON

click to go to worksheet

 

Practice and learn to read the W-2 tax form lesson.  The W2 form is a basic wage and tax statement used by employers for reporting income received and taxes paid by their employees.

 

LESSON LEARNED

 

 

Understanding the W2 tax form.

 

BASIC SKILLS REINFORCED

 

Basic Math

Addition, Subtraction

Percentages

 

SUGGESTED

GRADE LEVELS

7+

Adult Education

Special Education

Anyone who wants to learn about the W-2.

 

 

Suggested Money Lesson Plan for this Tax Worksheet

 

This lesson covers the W-2 IRS tax form.

 

The W-2 is an important tax form that everyone needs to understand.  The W-2 is a wage and tax statement, since it shows income and taxes paid during the year.  The W-2 lists the taxes withheld by your employer.  Each employee must receive this form by their employers at the beginning of the year.  For each employer you worked for, you will receive a W-2 statement.

 

Here is a sample W-2 statement: (Click here for full size blank W-2 sample)

 

 

Important information on the W-2 include:

Box 1- Wages, tips, other compensation:  This is the amount that will be entered on the wages line of your tax return.

 

Box 2 - Federal income tax withheld by your employer.

 

Box 3 = Social security tax withheld

 

Box 6 - Medicate tax withheld.

 

Box 17 - State income tax.

 

Other information on the W-2:

Box 8 - Allocated tips.

 

Box 10 - Dependent care benefits.  Total dependent care benefits that were paid to you by your employer or incurred on your behalf.

 

 

Lesson

Print and hand out a copy of the W-2 form to the students and ask if anyone has ever seen a W-2?

 

When do we receive a W-2 form? (after the year ends, usually in January)

 

What is the purpose of the W-2 form? (it tells the employee how much money was earned, and how much money was withheld for taxes).

 

Explain to them each of the lines on the form.  Also review some terms such as IRS, W-2, Gross Income, etc.

 

Once you have stepped through a W-2, print out the worksheet below and allow each student to answer the questions using the information provided in the worksheet.

 

 

Other Notes:

Make sure the social security number on your W-2 matches your actual social security number.

 

If you ever move, be sure to tell anyone that employed you during the year your new address, to be sure of receiving all your W-2's.

 

 

Terms to Understand:

 

Gross Income - this is income before all taxes, and may be found in box 1.

 

Net Income - this is income after tax.  It may be computed by taking box 1 and subtracting all taxes.

 

Federal Income Tax - Taxes paid to the Federal government.

 

State Income Tax - Taxes paid to state governments.

 

 

WORKSHEET Instructions

 

This worksheet contains random information required for filling the W-2 tax form. Students should use the information to answer the given question.  Press 'get worksheet' below, and the worksheet will open up in a new browser window for printing.

 

Note:  This worksheet requires Flash version 6.0 or greater.  Flash is free and installed with most web browsers.  If the worksheet does not look correct (the numbers on the W2 are all the same -- ie. they don't match the questions) then you need to upgrade your version of flash.  See our help page for information on interactive pages and updating flash on your web browser.

 

 

 

WORKSHEET

 

This worksheet may be customized by the following settings,

including personalizing the worksheet with your own chosen name.

 

 

 

Name Random? 

 

You may personalize this worksheet with a name you

select by entering the name in the box below and removing

the check in the "employee name random" box above.

 

 Name  

 

 

 

Note - Requires FULL Membership

 

 

 

ADDITIONAL LESSON RESOURCES

 

2004 Form W-2

 

2004 Instruction W-2 & W-3

 

 

 

 

Go back to worksheet info

 

 
 

 

SUGGESTIONS/COMMENTS
 
 
 

 

 

 

 

 

 

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 Lesson

 

W-2 Tax

 

 

 

 

More Paying Taxes - Worksheets and Lesson Plans

 

 

 

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