A violation of identity theft and fraud for Federal law under 18 U.S.C. § 1028(a)(7) carries a maximum of 15 years' in prison, along with a fine, and criminal forfeiture of any "property used or intended to be used to commit" the offense.
Identification fraud under 18 U.S.C. § 1028, credit card fraud under18 U.S.C. § 1029, computer fraud under 18 U.S.C. § 1030, mail fraud under 18 U.S.C. § 1341, wire fraud under 18 U.S.C. § 1343, or financial institution (bank or lender) fraud under 18 U.S.C. § 1344 are all federal offenses that are felonies. These carry penalties that can go as high as 30 years' in prison, money fines, along with criminal forfeiture.
To complete your assigment, you should do the research yourself.
To add to Mr. Brinkmeier's comprehensive answer, there are some good resources on the web for your research project, including the following:
http://www.fd.org/pdf_lib/MT07_IdentityTheft.pdf (link included) so it might not be completely up to date.
However, note there is a recent US Supreme Court case on the Aggravated Identity Theft offense.