Unit 8 Taxes

Overview

Taxes and Your Pay Stub

Students will be able to

• Explain where income taxes are collected from and how they provide revenue for public expenses

• Read a pay stub and describe the different deductions

Teens and Taxes

Students will be able to

• Explain why so few teenagers file taxes

• Identify common misconceptions about taxes and state the correct facts

• Identify what types of income are taxed

• Analyze a number of scenarios to determine who can be claimed as a dependent and if they need to file a tax return

The Tax Cycle & Job Paperwork

Students will be able to

• Identify important dates of the tax cycle

• Understand the difference between common tax forms

• Explain the purpose of a W-4 and how it impacts their paycheck

• Analyze and understand the fine print of a sample W-4

How to File Your Taxes

Students will be able to

• Identify items they need to prepare their tax return

• Explain the different ways they can file their taxes

• Understand the purpose of a W-2 form and how to use it to file their taxes

• Explain how to make a tax payment if taxes are owed

Completing the 1040

Students will be able to

• Complete a 1040 form to file their tax returns