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Students learn basic economics with a classroom economy.

 

 

MONEYINSTRUCTOR-NOMICS
CLASSROOM ECONOMY:

Taxes

 

A lesson on taxes for a classroom economy. In this lesson, students will learn about sales tax and federal and state income tax. They will learn about the services that are paid for by tax dollars. They will begin paying a 10% MoneyInstructor income tax.

Teaching Objectives:

  • Students will give examples of services paid for by tax dollars.
  • Students will describe two kinds of taxes:  income tax and sales tax.
  • Students will make their first MoneyInstructor-bucks income tax payment.
  • Students will identify the Internal Revenue Service, or IRS, as the government entity responsible for collecting tax money.
  • Students will calculate a 5%, 6%, and 7% sales tax on various items.

Suggested Grades:

Second Grade - Third Grade - Fourth Grade - Fifth Grade

 
 

 

TAXES LESSON PLAN

 


Teaching Materials

  • Lesson - Taxes Lesson and Worksheet (see below for printable lesson)

  • Income Tax Deduction Slip

  • Income Tax Form



Lesson Excerpt:

Activity:

1.  Define income tax as an annual tax levied, or imposed, on the income of private individuals by the state or federal government.

2.  Define sales tax as a local tax based on the cost of the item purchased and collected directly from the buyer.  Some states and cities do not impose a sales tax. 

3.  Brainstorm services that are paid for by tax dollars.  Some examples are:  schools, libraries, police fire departments courts, military, roads and bridges, space program research and help for people who are in need.

4.  Income Tax
Income tax can be paid through payroll deductions or in quarterly or annual payments.  The Internal Revenue Service, or IRS, is the U.S. government agency responsible for tax collection and tax law enforcement.

 

Continued...

 


 


Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:
  

TAXES

Taxes Lesson *

Printable lesson worksheet and activity.

 

Income Tax Deduction Slip *

Income and expense journal.

Income Tax Form*

Payroll log.

 

 

 

 

 

 

 

 

 

 

Back to more Classroom Economy Lessons and Worksheets

 

More Tax Lesson Plans, Worksheets

 


 

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Teaching Student Economy Paying Taxes Lesson Plan - Rules Guide Elementary Education Special Education Free Kids Instruct Theme Unit School Young Classroom Review Graders - 1st 2nd 3rd 4th 5th 6th Grade

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