Test #2 Money and You
Friday, March 26, 1999
Your Name _____________________________________
Proofread each written answer for clarity, conciseness, spelling, punctuation, capitalization and complete sentences. If you perform a calculation and use a calculator, write out the formula you entered and circle your final answer. If you do not use a calculator, write out the complete calculation and circle your answer. You may use anything you have with you that is listed on Handout #1. You may not borrow from another, or leave class to retrieve something you may have left elsewhere.
john mised skool yesterday because he had a stomach
Using the information on the W2 form that Ive given you, calculate how much money you would actually receive in a weekly paycheck.
|Grade Category||The letter grade you think youve earned so far||The letter grade you think Ive given you|
|Overall Class Grade|
This part of the exam tests your ability to read, understand and follow written instructions. The instructions you are to follow are on this sheet, the accompanying Form 1040EZ, and its instruction booklet.
Form 1040EZ is a Federal income tax form designed for Americans with at least a middle school education. Therefore each of you should be able to complete this assignment without too much difficulty, if you are able to focus carefully on it.
Complete all applicable information on the Form 1040EZ starting with the address label box (use your current home address), and ending with the signature block at the bottom of the form. Be sure to sign and date your return in the spaces provided in this block. Your occupation is Student. Please be sure to write or print neatly and legibly. You must use the dummy Social Security number that appears on the W2 form. DO NOT use your own social security number.
Follow all instructions on the sheet (including those on its back). Where requested, use the information contained on the W2 form on the backside of this sheet. Additionally, you need to know that your taxable interest income is 1% of your wages, tips and other compensation shown in box 1. Calculate that number, then write it when you get to the line that asks you to enter taxable interest income.
Since we are assuming that you are 10 years older than you actually are, and living on your own, be sure to check the No box on line 5. Remember that we are also assuming that you are single.
You can leave lines 3, 8a, 8b, 11b, 11c and 11d blank.
As each student received a customized W2 form, to conserve space I have not posted them on the web site. The see the sample W2 and the Form 1040EZ completed with it, look at the pages that make up Assignment 7.