Taxes

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

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

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

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

Students will be able to

• Complete a 1040 form to file their tax returns

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

Students will be able to

• Explain why so few teenagers file taxes 
• Identify common misconceptions about taxes and state the correct facts
• Determine whether they need to file taxes based on a variety of scenarios 
• Identify what types of income are taxed

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
• Complete a W-4

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
• Understand the importance of filing state taxes

Students will be able to

• Complete a 1040 form to file their tax returns

Students will be able to

• Explain where income taxes are collected from and how they provide revenue for public expenses
• Describe how the progressive tax code, current tax brackets, and different taxes between states lead to individuals paying varying amounts of taxes

Students will be able to

• Distinguish between common IRS forms and determine when and how each form is used in the tax cycle
• Explain the purpose of a W-4 and how withholdings impact your paycheck
• Carefully read the details of a W-2 form

Students will be able to

• Understand the factors that determine whether or not someone has to file a tax return
• Explain what a dependent is and establish if they can be claimed as a dependent by someone else on their tax return

• Determine whether someone has to file a tax return based on their specific situation

Students will be able to

• Identify what they need to file their tax returns
• Distinguish tax credits from tax deductions and understand how they can lower their overall tax burdens
• Complete a 1040 form to file their tax returns
• Explain how to pay back any taxes they owe or how to maximize a tax refund
• Identify fees and penalties they will incur if they fail to file a tax return or pay back taxes owed

Students will be able to

• Decide when it is best to itemize their deductions and when to take the standard deduction
• Differentiate between employees, contractors, and freelancers, and how that status affects their taxes
• Understand the tax implications of taking on multiple revenue streams
• Choose which types of investment accounts are best for their current and future tax situations