Mr. Howard
1040A Form
Personal Finance
Directions:
1. Open the Internet.
2. Type in the following website in the address bar. http://www.irs.gov/pub/irs-pdf/f1040a.pdf
3. Complete the Form 1040A on-line, based on the information below for James P. O’Leary:
4. Print the 1040A form. (Before printing, type your name at the bottom of the Dependents area
for identification)
5. Sign the 1040A form with black or blue pen.
6. Date the form as April 15, current year.
7. Save your work as “1040A”.
8. Submit work in your weekly folder.
Complete the Form 1040A on-line, based on the W-2 statement below and other information on the
next page for Mr. and Mrs. O’Leary.
OTHER PERTINENT INFORMATION CAN BE FOUND ON NEXT PAGE.
Week 4 – Pay, Benefits, and Taxes
Activity 5
Mr. Howard
1040A Form
Personal Finance
Other pertinent information:
INCOME
Annette earned $4,000 for babysitting.
They had interest income of $800.
They had tax-exempt interest income of $482.
Annette also received $2000 in unemployment compensation benefits.
ADJUSTED GROSS INCOME
James had IRA deductions totaling $2000 for the year.
TAX, CREDITS, & PAYMENTS
Line 24 You need to calculate the standard deduction
Line 25 Perform calculation
Line 26 Calculate Exemptions.
Line 27 Perform calculation
Line 28 Go to www.irs.gov and use Federal Tax Tables to find tax
Line 35 Perform calculation
Line 37 Perform calculation
Line 38 Find number from the W-2 form
Line 44 Perform calculation
REFUND or AMOUNT YOU OWE
Compare lines 37 the Total Tax and Line 44 the Total Payments to analyze if James owes more money or
is due money back. Subtract and write in the correct line.
Week 4 – Pay, Benefits, and Taxes
Activity 5