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Economics of Energy and Employment (Physics-Econ Project)

nvestigating Taxes and Energy Tax Credits: Steps to Becoming Independent 

 

Understanding taxes and withholding

 

1 and 2) Do Modules #1 and #2 on basic types of taxes and withholding

https://apps.irs.gov/app/understandingTaxes/student/tax_tutorials.jsp

 

 

3 and 4) Do tax simulations #1 and #2 on how to fill out W-4 and 1040EZ forms 

https://apps.irs.gov/app/understandingTaxes/student/simulations.jsp

 

**In your class notebook/binder, write down 1 question you have about EACH "module" or simulation. At the end, you should have 4 questions written down**

 

Careers 

 

5) Look up starting salary on one of the following assigned STEM-related careers. Write down in your notebook the starting salary.

http://www.payscale.com/research/US/Country=United_States/Salary

http://www.bls.gov/ooh/

 

 Student A - High school diploma only (go to 

 

http://www.bls.gov/ooh/, and choose "high school diploma or equivalent" under the drop-down menu for Entry Level Education, and "None" for On-the-job training. Pick a job from that list.)

    Student B - Job: Nurse or Pharmacist

    Student C - Degree: Chemistry

    Student D - Degree: Computer Science

 

6) Then, using the same sites, look up more detailed salary information on your personal career choice in 5 years. Write down in your notebook the starting salary for that job.

 

Energy credits

 

7) Research on one possible IRS energy credit, Solar Power, and do a cost benefit analysis on solar power to see if it is an option for your own home

 

Calculate whether solar power is cost effective for your own home:

https://pge.wattplan.com/

http://energy.gov/

 

8) Explore different energy credits by IRS

 

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Which-Home-Improvements-Qualify-/INF12111.html

 

https://www.irs.gov/uac/Cut-Taxes-and-Save-on-Energy-Bills-with-Home-Energy-Credits

 

https://www.energystar.gov/about/federal_tax_credits

Hybrid cars: https://www.fueleconomy.gov/feg/taxevb.shtml 

 

    Student A – Getting solar panels installed

    Student B – Buying a Prius Hybrid

    Student C – Buying a Plug-in Prius

    Student D – Buying a Tesla Model 3

 

9) Research on energy subsidies and see why/if we need them 

 

http://www.economist.com/blogs/economist-explains/2015/07/economist-explains-19

 

http://blogs.wsj.com/experts/2015/09/14/why-renewable-energy-still-needs-subsidies/

 

10) Additional Reading: Economics of Renewable Energy and Cost Benefit Analysis (see the section on subsidies beginning page 27)

 

http://www.ase.tufts.edu/gdae/education_materials/modules/renewableenergyecon.pdf

 

11) With your personal career choice and its starting salary, look up the current tax rate and tax brackets. 

Write it down in your notebook .

taxfoundation.org/2017-tax-brackets

 

12) Practice filling out W-4 and 1040EZ forms using the W2 of Billy H Dumb

 

Copy of the W-4 Form and Worksheet: https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

Copy of 1040EZ Form and Worksheet: https://www.irs.gov/pub/irs-pdf/f1040ez.pdf

 

p.18 Earned Income Credit Table (for line 7 of your tax form)

p.33 Tax Table (for line 10 of your tax form)

https://www.irs.gov/pub/irs-pdf/i1040ez.pdf