Week 4: Filing Tax Returns and Comprehensive Review

Day 1: Filing a Federal and State Tax Return (Part 1)

• Introduce the concept of filing tax returns
• Explore the differences between federal and state tax returns
• Examine key tax documents: W-2, W-4, and 1040 forms
• Discuss the importance of accurate and timely tax filing

Notes     notes answers     flashcards     unit 6 review      unit 6 practice quiz 1     

Day 2: Filing a Federal and State Tax Return (Part 2)

• Analyze the components of a 1040 form
• Explore situations where individuals are required to file tax returns
• Discuss tax deductions, credits, and their impact on tax liability
• Examine the concept of tax refunds and why they occur

Day 3: Comprehensive Review - Economic Interdependence (Unit 4)

• Review the concept of economic interdependence and global trade
• Revisit the impact of globalization on national economies
• Discuss the role of developing and developed nations in the global economy
• Analyze North Carolina's position in the US and world economy

Day 4: Comprehensive Review - Education and the Economy (Unit 5)

• Review the relationship between education, income, and career choices
• Revisit the costs and benefits of post-secondary education
• Discuss strategies for minimizing education costs and managing student debt
• Analyze different types of income: active, portfolio, and passive

Day 5: Comprehensive Review - Taxes and Income (Unit 6)

• Review payroll deductions and their impact on disposable income
• Revisit the types and purposes of local, state, and federal taxes
• Discuss the process of filing tax returns and its importance
• Analyze the broader economic impact of taxation and government spending