Accounting and Finance Foundations

Unit 9

Accounting and Finance Foundations Unit 9: Taxes 727

Open-Response Unit Assessment S/T Guide

Skill Standards

Academic:

AB 1 Locate and interpret written information

AB 2 Read and interpret workplace documents

AB 4 Record information accurately and completely

AB 6 Demonstrate the ability to write clearly and concisely using industry specific technology

AC 1 Utilize critical-thinking skills to determine best options/outcomes (e.g., analyze reliable/unreliable

sources of information, use previous experiences, implement crisis management, develop

contingency planning)

AD 1 Perform basic and higher level math operations (e.g., addition, subtraction, multiplication, division,

decimals, fractions, units of conversion, averaging, percentage, proportion, ratios)

Employability:

EG 4 Locate and verify information

Accounting:

OA 2 Compute personal federal and state income taxes

OF 2 Calculate gross and net pay

OF 5 Complete federal tax forms (e.g., W2, W4, 1040EZ)

Scenario

You are a professional tax preparer, and Mr. Maury R. Gaston has just hired you to prepare his Form 1040EZ

for him. He has provided his W–2 form to you, along with the following information:

• He is single.


• He is a clerk for the W.B. Aquitaine Company.


• He claims one exemption.


• He had no other income last year.


• He does not have any adjustments to his gross income.


• His birthday is 01/01/1980.


• He is not blind.


• His daytime phone number is 555-555-5555.


• He does not want to donate to the presidential campaign this year.


• He wants to discuss his return with the IRS (he does not want to designate a third party or you to
  speak on his behalf).