UNDERSTANDING TAXES
INTRODUCTION
We spend a large part of our working year just
paying for taxes. For most of us, it is a regular part of
life and work. We are taxed when we work, and often taxed
when we make a purchase. Besides federal income taxes, we
have state taxes, personal property taxes, sales taxes, capital
gains taxes, and more. When April 15th draws near, and tax
returns must be mailed to the Internal Revenue Service, many
suddenly wonder what taxes they owe, how much they can deduct, and
how can they pay less.
On April 15th, there are three taxes due,
depending on the state you live in. These include federal,
state, and city taxes. Depending on your income for the
prior year, you will pay taxes.
Use the following lessons to
teach and learn more about taxes:
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PAYING TAXES WORKSHEETS
AND LESSONS |
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PAYING TAXES FOR CHORES
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Paying Taxes for Chores
Introductory lesson on taxes with a chores theme. A basic worksheet to help teach young students the concept of paying taxes while practicing basic math. |
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SALES TAX
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Discount and Sales Tax
Lesson Plan
Students learn about
sales tax and discounts.
Lesson includes changing
percents and calculating
total cost.
Includes a teaching
lesson plan, lesson, and
worksheet.
Sales Tax Introduction (Level 1)
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Worksheet for teaching
the concept of a sales
tax.
Sales Tax Introduction (Level 2)
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INCOME TAX TIME WORD PROBLEMS
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Income Tax Time Word Problems
Answer word problem questions with an income tax theme. |
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FEDERAL INCOME TAX 1040EZ WORKSHEET
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Federal Income Tax 1040EZ Worksheet
Practice filling out the IRS Federal Income Tax 1040EZ tax form. |
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TAX FORM W-4 LESSON
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Tax Form W-4
Practice and learn to fill in the W-4 tax form lesson. The W-4 form is often filled out for new employment (or when your tax situation changes) for determining how much money is withheld for federal income taxes. |
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TAX FORM W-2 |
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Tax Form W-2
Learn to read the W-2 tax form, a basic wage and tax statement used by employers. Understand reported income and taxes. |
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EARNINGS STATEMENT
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Earnings Statement
Practice reading an earnings statement and answering related questions. Includes questions regarding Federal, State, social security tax, and other deductions. |
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TAX INFORMATION -
INFORMATIONAL ARTICLES
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Tax Savings - The Teacher Tax Deduction
Teachers and other educators should save their receipts for the teacher tax deduction. |
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SUGGESTIONS OR NEED HELP?
Do you have a recommendation for an
enhancement to this tax lesson page, or do you have an idea for a new
lesson? Then leave us a
suggestion.
More
Earning and Spending Money Worksheets
and Lessons
To teach and learn money skills, personal finance, money management, business,
careers, and life skills please go to the Money
Instructor home page.
Learn all
about paying taxes.