Tax Lessons

/Tax Lessons
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Tax Lessons

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Students will be able to:

  • Explain where income taxes are collected from and how they provide revenue for public expenses
  • Identify how different types of commerce are taxed on a daily basis
  • Describe how the progressive tax code and different taxes between states lead to individuals paying varying amounts of taxes
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Students will be able to:

  • Explain the purpose of a W-4 and what withholdings mean for your paycheck
  • Identify the elements of the payroll tax, how much they deduct, and where the money goes
  • Complete a W-4
  • Read a paycheck stub and describe the different deductions
  • Explain the tax differences between different types of income (salary vs. wage, earned vs. investment)
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Students will be able to:

  • Determine whether they need to file a tax return
  • Read a W-2 and identify major components
  • Complete a 1040EZ for a variety of use cases
  • Describe the different options for filing taxes
  • Describe options for paying owed taxes and receiving a refund
  • Explain the consequences of not filing taxes
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