How to: Real Life (Taxes)

Many of you will be faced with the question (particularly in math) “When will I actually use this?” While many students are thrilled about learning the exciting, complex, higher maths, many of us are here to pass and are dissatisfied with almost zero practicality we are taught versus the actual, real-life, grown-up math.

We have created a series of real-life math (that’s right, unless you are a mathematician, you will never see the quadratic equation again) to help you through the difficult transition between kid and adult. So, here is part one of your guide to being an adult.

Doing your taxes: This is perhaps the most daunting piece of adult life and all of us will need to tackle eventually. So, in hopes of making this simple, I'll break it down.

1. First things first, you’ll need to decide how to do your taxes. There are multiple, valid methods. For instance, you can do it by hand (most difficult, but free), you could do them using a software such as Turbo Tax (costs money, but is easy), or hire an accountant (as high schoolers this shouldn't be necessary until we are financially mature, is expensive, but all you have to do is drop off your paperwork).

2. Since most of us will likely end up doing taxes by hand, which is what I’m going to cover, Before you begin, you will need to head over to the public library and pick up a form and instructional booklet. For most of us who only earn wages, interest (under $1,500) and unemployment, the 1040EZ form will work best. It is the simplest, but as our financial lives slowly become more complex, you will likely need to upgrade to the 1040A or even the 1040. Don’t forget to pick up the 1040EZ IRS instructional booklet, which will be a great resource to refer to. Don’t forget you will need to know your address and social security number.

3. Grab a pen, pencil, calculator, a snack, and you are going to need your W-2, typically provided by your employer.

4. First, you are going to need to look over it, and try to make sense of the literal government-word-vomit in front of you. Relax, and remember it's okay to ask for help from adults if you need it. No one came out of the womb knowing how to perfectly do taxes.

5. Fill out the top section asking for personal information- name, address, D.O.B, Social Security number, etc. You won't have to worry about filling in spousal information, so stick to the basics.

6. Next, we move on to lines 1-6. Line’s 1, 4, 5, and 6 will be your main focus- lines 2 and 3 generally don't apply to teens, but by all means fill them out if they do. Line 1 will require your wages, salaries, and tips, which can be found on your W-2 supplied by your employer.

7. For the most part, the instructions on the actual form will lead you through it, so if you are ever confused make sure to read through a few times and regain your bearings.

8. See my copy of the 1040EZ below- it's often difficult to explain, but easy to figure out if you have an example.

Following the steps on the documents paired with instructions above should make tax season a breeze- make sure to ask questions if you're confused and have an adult look over your work- no 17 year-old wants to be hunted down by the IRS for accidental tax fraud.