Taxes Unit

Students will be able to:

• Read and understand a pay stub
• Compare mandatory and discretionary government spending
• Explain the difference between gross and net pay
• Analyze the different categories of discretionary government spending

Students will be able to:

• Identify important dates within the tax cycle
• Compare tax forms and their purpose
• Analyze a W-4 form

Students will be able to:

• Identify key facts about taxes and the tax cycle
• Explain who qualifies to be claimed as a dependent for tax purposes
• Determine whether or not a person is required to file taxes

Students will be able to:

• Identify the different forms needed to prepare their taxes
• Compare different methods of preparing federal and state taxes
• Analyze a W-2 form
• Describe the difference between a flat and progressive tax rate

Students will be able to:

• Complete a 1040 form to file their taxes

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