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Financial Literacy in Action
Tutorial 3: Income Tax

Access Kitsap Credit Union
Answer the following questions:

  • Describe three steps involved in preparing an individual tax return.
  • What are two conclusions you draw about income tax rates paid by: 1) married couples and single people and 2) taxpayers who earn a lot and 3)those who earn very little money?
  • Summarize what you learned in the section entitled “Paying Your Taxes.”
  • Why is the income tax considered a progressive tax?

Access the Module 2 Simulation
Answer the following questions:

  • What did you learn about filing a 1040 EZ Federal Income Tax form from this exercise?
  • Why is important to complete your 1040 EZ form correctly?
  • Discuss the three options a taxpayer has for paying his or her taxes. Which option for payment would you recommend? Explain.
  • Discuss three pieces of advice you would give to someone who is completing a 1040 EZ form for the first time.
Taxes -Tutorial 3: Income Tax
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