Category: Taxes

ICYMI: What's New With Taxes for 2020

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Jul 02, 2020
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Taxes
Just prior to the usual April filing deadline, we published a brief update (CARES Act edition) on changes congress made to individual income tax returns for the 2019 tax year. The following information recaps the key changes, and explains a bit more about what has been happening since the last post.   Filing Deadlines (for 2019 returns) One of the biggest changes to taxes (for 2019 only, at least so far), is that the Federal filing deadline for individual 2019 tax returns was moved from...

Virtual Adaptation - CALCULATE: Completing a 1040

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Jun 08, 2020
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Teaching Remotely, Taxes
Taxes can be a tough topic to teach high school students, and even more difficult when you are teaching remotely. However, learning how to file your taxes is an important life skill for all students to learn. The activity CALCULATE: Completing a 1040 requires students to complete a 1040 Form for individuals with a variety of backgrounds and personal situations.  At a time where many schools have transitioned to offering synchronous and asynchronous learning, we've listed some adaptations...

Reading List for June 5-7

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Jun 05, 2020
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Current Events, Economics, Investing, Taxes
Current Events Of Dollars and Data explains the racial wealth gap mentioned in Tim’s post on NGPF yesterday. WaPo tracks the gap back to 1968…and there has been little change.   Economics After Thursday’s news that another 1.9 million people files for unemployment last week (AP), today’s unemployment rate announcement stunned most economists, going down to 13.3% when it was expected to go up as high as 20% (Forbes). The recovery of 2.5 million jobs added from...

Virtual Adaptation: MOVE Activities

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May 11, 2020
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Teaching Remotely, Budgeting, Investing, Taxes
MOVE activities are some of the best NGPF activities to use in the traditional classroom. They require students to apply their knowledge through a fun, out-of-their-seats, whole class challenge. But times are different right now and learning is taking place remotely. So, how can teachers take the context of the MOVE activity and use it in the digital environment? We have created TWO adaptations to THREE of our most popular MOVE activities that you can use in either a synchronous or asynchronous...

Virtual Adaptation - COMPARE: Tax Forms & Their Purpose

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May 04, 2020
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Teaching Remotely, Taxes
Tax forms contain so many letters and numbers that it can be hard for students to keep them straight. COMPARE: Tax Forms & Their Purpose is an activity that has students identify the purpose of a variety of tax forms including the W-2, W-4, 1099, 1040, and I-9. At a time where many schools have transitioned to offering asynchronous and synchronous learning, we've listed some adaptations that might work for your current classroom environment.   ASYNCHRONOUS Learning Environment Ideas:...

Question of the Day: What is the average tax refund received by American workers?

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Apr 14, 2020
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Question of the Day, Taxes
Answer: $2,869 Questions: About 80% of workers receive an income tax refund every year. This means that they pay more in taxes during the year then they need to. This is the reason they get a refund. Why do you think workers do this? Is receiving a refund of nearly $3000 good for American workers? Why or why not? The deadline to file a tax return has been extended to July 15th. If you expect to receive a refund, should you file earlier? Do your parents/guardians typically get an income tax...

What's New With Taxes: CARES Act Special Edition

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Apr 03, 2020
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Taxes
April is Financial Literacy Month, and except for this year, Tax Month! Here are a few tax-implications of the CARES Act that you should know about for 2019 and 2020. This information was taken from the following articles: Don’t Mess With Taxes (Kay Bell) Washington Post    1) Filing and payment date for 2019 taxes has been postponed until July 15.  HOWEVER: Given that the stimulus checks are tied to information from the IRS, specifically your bank account for direct...

Question of the Day: What is the deadline for filing your 2019 tax return?

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Mar 22, 2020
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Taxes, Question of the Day
Answer: July 15, 2020 Questions:  Just like school work, why is it important to know the deadline to file your tax return? What would be your advice for the 73% of tax filers who receive a tax refund? File as soon as possible or wait until July 15th? What would be your advice for the 27% of tax filers who owe the government additional taxes? File as soon as possible or wait until July 15th? What is the typical tax deadline? Click here for the ready-to-go slides for this Question of the...

Reading List for March 20-22

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Mar 20, 2020
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Current Events, Investing, Economics, Paying for College, Taxes
Dealing with our new reality—here are articles that you may find helpful. USA Today came up with this article to help kids come to terms with what is going on. The food supply is secure. No need to hoard groceries. While there will be shortages of some products as adjustments are made, like food that was going to restaurants will find its way to grocery channels, if anything, production is gearing up. (NYT) Jean Chatsky has been on NBC news affiliates today with her financial advice for...

Reading List for March 13-15

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Mar 13, 2020
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Current Events, Investing, Career, Taxes
Coronavirus The World Health Organization declares the Coronavirus is now a pandemic. This past week, we saw the worst day on Wall Street since 1987 on Thursday (NYT), and worst week since 2008. As I write this, markets are bouncing back, but the day isn't over yet.  Neil Irwin in his Upshot article explains the troubling phenomenon with this financial crisis: all asset classes are down.  Listen to him on MarketPlace Morning report recapping the crazy week. (listen to the 3/13/20...

Question of the Day [Updated]: What percent of tax returns are audited by the I.R.S.?

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Mar 10, 2020
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Question of the Day, Taxes, Research
Questions: Why do you think the percentage of returns that get audited is so low? Explain your reasoning. Why do you think that taxpayers are so afraid of being audited? Is their fear warranted? Do you think that low audit rates can contribute to more taxpayers "cheating" on their tax returns? Why or why not? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Accounting Today) Most taxpayers envision Internal Revenue...

Chart of the Week: What are the sources of state tax revenue?

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Mar 10, 2020
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Chart of the Week, Taxes
Hat tip to Jessica for finding this resource on howmuch.net regarding state taxes.    Questions: What are the top 5 sources of state taxes?  Are you surprised by any of these taxes that are collected and the amounts? Which of the state taxes do you think you will pay at some point in your life?  What is the sales tax in your area?  --------------------- Thanks to NGPF super intern Ansh for compiling the last 20+ Charts of the Week in this document. ...

EdPuzzle Thursday - TAXES: How Tax Brackets Actually Work

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Mar 04, 2020
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EdPuzzle Thursday, Taxes
Want to assign videos with built-in questions? We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  In this week's EdPuzzle video, your students will learn how tax brackets actually work. Interested in more EdPuzzle videos? Visit our Video Library and type in "EdPuzzle" into the search bar at the top to view the rest of our EdPuzzle videos!  Note: You do NOT need to...

Question of the Day: For every $1 of corporate income taxes collected, the U.S. government collected $___ from individuals?

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Mar 02, 2020
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Taxes, Question of the Day
Answer: $7.39 Individual income taxes = 1.7 trillion Corporate income taxes = $230.2 billion  Questions: What’s the single largest source of taxes for the U.S. federal government?  What are the two payroll taxes that make up the category “social insurance” taxes? Hint: One has “social” in its name.  The number of workers employed in the U.S. has grown over the past few years. Which tax categories would be impacted by this employment growth? ...

Chart of the Week: How does monthly take-home pay vary in major U.S. cities?

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Feb 17, 2020
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Taxes, Chart of the Week
Hat tip to Jessica for finding this chart at Howmuch.net Methodology: Take-home pay calculated after deductions for federal and state income taxes and Social Security/Medicare taxes.  Questions: Since federal taxes are consistent across all of these cities, the difference in take-home pay is driven by differences in state income tax rates. What is the difference between the cities with the highest take-home pay and the cities with the lowest take-home pay (in dollars)?  A $100,000...