Assessment 1 Instructions: Tax Basics

Article Writing

Analyze official rules and instructions to determine an individual’s tax liability and complete a basic tax return.
Note: Completing a tax return requires specific steps that need to be executed in a sequence. The assessments in this course are presented in a sequence and must be completed in order. Incorrect entries in this assessment will result in incorrect entries in future assessments. Do not complete Assessment 2 until you have submitted and received faculty feedback for Assessment 1.
Introduction
Using an official primary source to obtain answers to tax questions is an essential academic skill and step toward financial literacy. In this assessment you will consult the primary sources available to all citizens from the IRS to identify rules such as the age limit of a dependent child, the amount of earnings that trigger a filing requirement, and whether or not tax software is necessary to purchase for every return.
Note: The assessments in this course are presented in a sequence and must be completed in order. Do not proceed to Assessment 2 until you have submitted and received faculty feedback for Assessment 1.
Preparation
This assessment has two parts.
- Part 1: Submit a Word document in which you analyze official rules and instructions to determine an individual’s tax liability.
- Part 2: Submit a completed basic tax form.
- Scenario
  Read the following scenario before beginning the assessment. Then complete the two parts below.
  Your relatives, Jacob and Taylor Weaver, have asked for your help in completing their tax return because they know you took an income tax course at Capella. You caution them that while you plan on eventuallybecoming an accountant, you are no expert. You agree to informally assist them with basic information gleaned from the IRS Web site. At least you know how to find information.
  John Weaver, Jacob and Taylor’s son, is a 17yearold high school graduate, lives at home, and works parttime at a service station, saving money for college. In 2021, he earned $5,242.00, as reported on his W2 form. Federal taxes withheld were $940; state taxes withheld were $179.
  He does not know his filing status, or if he even has to file a tax return. He is covered by his parents’ health insurance. His father thinks he can claim John as a dependent. John has no other income. John’s Social Security number is 123456789. His address is 1234 Happy Lane, Happytown, MN 50000.
  Instructions
  Part 1: Provide evidence of requirements for John’s tax return from an official primary resource.
  Use IRS.gov and the IRS Interactive Tax Assistant and Tax Trails tools to find answers to the following tax questions. Copy and paste answers to these questions from the IRS resources into a Word document for submission.
- What is John’s filing status?
- Is John required to file a tax return? Determine requirements for mandatory filing of a return.
- Is John a dependent?
- What is the simplest tax form to use for John? Use information from an official primary source to select a tax form.
- How much would John have to pay to file his return electronically?
- Part 2: Complete John’s tax return.
- Download the most appropriate form from IRS.gov and complete a tax return for John. Show all calculations in the Word document.
  - Analyze official rules, instructions, and tax tables to determine the tax owed.
  - Analyze official rules, instructions, and tax tables to determine the amount of a refund.
- Competencies Measured
  By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Analyze the background of the federal income tax system.
  - Provide evidence of requirements for a tax return from an official primary source.
  - Determine whether filing a return is mandatory for a scenario.
  - Determine filing status.
  - Determine filing cost for an ereturn.
- Competency 2: Analyze the basics of individual income tax return preparation.
  - Analyze official rules, instructions, and tax tables to determine the tax owed.
  - Analyze official rules, instructions, and tax tables to determine the amount of a refund.
- Competency 4: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
  - Communicate in a manner that is professional and consistent with expectations for members of the business professions.

Continue to order Get a quote

Place your order

Type of paper

Academic level

Deadline

Pages (550 words)

Approximate price: $22

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.