Suggested Money Lesson Plan
for this Worksheet
Give an introductory lesson about paying taxes to
Hand out the 1040 form to the students and
explain to them each of the lines on the form. Also explain
some terms such as IRS, W-2, Wages, Gross Income, Total Income, Adjusted Gross Income, Taxable Income, etc.
As you walk through the form, explain that you
start with money earned (wages, salaries, tips, etc.) and then calculate taxes based on this money
earned and other sources of income. If you get a paycheck, then taxes are normally already removed. When you calculate your taxes, you will find out that you
either paid too much in taxes, and will get a refund, or that you
did not pay enough and will have to pay additional taxes to the government.