Investigating Taxes and Energy Tax Credits: Steps to Becoming IndependentUnderstanding taxes and withholding
1 and 2) Do Modules #1 and #2 on basic types of taxes and withholding3 and 4) Do tax simulations #1 and #2 on how to fill out W-4 and 1040EZ forms**In your class notebook/binder, write down 2 facts or questions you have about EACH "module" or simulation. At the end, you should have 8 pieces of information/questions written down**Careers
5) Look up starting salary on one of the following assigned STEM-related careers. Write down in your notebook the starting salary.
Student A research beginning teacher salary for a science/math/tech teacher: https://www.fremont.k12.ca.us/Page/272
Student B - Nurse or Pharmacist
** Student C - Physicist/Engineer
** Student D - Computer Programmer6) Then, using the same sites, look up more detailed salary information on your personal career choice in 5 years. Write down in your notebook the starting salary for that job.7)Budgeting:7.1: Average Monthly Take Home Pay
7.2: Average Rent
7.3: Average Health Insurance Cost:
7.4: Car Payment for a Prius or a $25,000 Car
7.5: Average Student Debt ($60,000 for 10 years loan term)
7.6: Average Utility Cost (electricity, water, garbage collection, Internet, cable)
7.7: Average Car Insurance Cost
7.8: Average Food Cost
8) Research on one possible IRS energy credit, Solar Power, and do a cost benefit analysis on solar power to see if it is an option for your own home
Calculate whether solar power is cost effective for your own home:
9) Explore different energy credits by IRSHybrid cars: https://www.fueleconomy.gov/feg/taxevb.shtml
Student A – Getting solar panels installed
Student B – Buying a Prius Hybrid
Student C – Buying a Plug-in Prius
Student D – Buying a Tesla Model 3
10) Research on energy subsidies and see why/if we need them
11) Additional Reading: Economics of Renewable Energy and Cost Benefit Analysis (see the section on subsidies beginning page 27)
12) With your personal career choice and its starting salary, look up the current tax rate and tax brackets.Write it down in your notebook .
13) Practice filling out W-4 and 1040EZ forms using the W2 of Billy H Dumb
Copy of the W-4 Form and Worksheet: https://www.irs.
Copy of 1040EZ Form and Worksheet: https://www.irs.
gov/pub/irs-pdf/f1040ez.pdfEarned Income Credit Table and Tax Table : https://www.irs.gov/forms-instructions