TAXES
Lessons and Worksheets
Welcome to the Taxes section at Money Instructor, where we delve into the intricate world of taxation, making it accessible and understandable for students. Our resources are meticulously designed to not only impart knowledge about different types of taxes, such as sales taxes and income taxes, but also to enhance students' math and reading comprehension skills through practical application.
In this section, you'll find a variety of interactive worksheets that offer real-life scenarios for students to apply and understand tax concepts. These worksheets are ideal for hands-on learning and reinforcing the principles taught in the lessons. Additionally, our comprehensive lessons cover everything from the basics of tax brackets to the complexities of deductions, all presented in a straightforward, easy-to-comprehend manner.
Beyond worksheets and lessons, we also provide engaging activities and simulations. These resources are crafted to give students a realistic understanding of the role of taxes in both personal finance and the broader economic context. They offer an immersive experience, allowing students to explore the practical implications of taxation in everyday life.
Our focus on real-life applications ensures that students don't just learn about taxes in theory but also understand how to interpret tax documents, comprehend paycheck deductions, and navigate common tax forms. By incorporating our tax education materials into your curriculum, you're equipping your students with vital personal finance skills and a deep understanding of how taxes impact financial decisions. Explore our Taxes section to help your students become more financially literate and prepared for their future endeavors.
2024 Tax Filing Season
Tax season begins! The tax filing season in the United States usually begins in late January and concludes in mid-April. For the year 2024, the tax-filing season is set to commence on Monday, January 29th. During this period, individuals and businesses are eligible to submit their tax returns to the Internal Revenue Service (IRS). The specific start date of the tax filing season can change annually, influenced by various factors including the readiness of the IRS to process returns and the availability of necessary tax forms
How to File a Tax Extension
In this video, learn how to file a tax extension to get some extra time to prepare your tax documents. You’ll find step-by-step instructions on how to file IRS Form 4868 and tips to use your extension wisely.
Educator Expense Deduction
A teacher's guide to the educator expense deduction. Teachers, generally, may claim the educator expense deduction if they have paid for classroom supplies and other materials from their own pocket during the tax year. Here we review the criteria to be eligible, and what are qualifying expenses.
UNDERSTANDING TAXES
We spend a considerable part of our working lives managing taxes, an integral component of both personal and professional spheres. Our financial activities, from earning income to making purchases, are often intertwined with various forms of taxation. This includes not just federal income taxes, but also state taxes, personal property taxes, sales taxes, and capital gains taxes, among others. As the deadline of April 15th, the day to submit tax returns to the Internal Revenue Service, approaches each year, many of us start pondering our tax liabilities, potential deductions, and strategies for minimizing tax payments.
On this critical date, individuals in many states are required to settle three types of taxes: federal, state, and, in some cases, city taxes. These taxes are calculated based on the income earned in the previous fiscal year.
Our educational resources offer comprehensive lessons focused on the tax filing process. These materials are designed to aid in understanding the complexities of filing taxes and preparing for future tax seasons. The lessons aim to demystify the tax system, enabling better financial planning and decision-making. They are a valuable tool for anyone looking to gain a deeper understanding of how taxes work and how to effectively navigate tax obligations each year.
Paying Taxes Lessons and Worksheets
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.
INTRODUCTION TO TAXES | WHY DO WE PAY?
Introduction to Taxes | Why do we Pay?
An educational animated video that makes learning about taxes easy and fun for beginners. Students get a grasp on the fundamentals of taxes and take the first steps towards understanding why we pay taxes with this entertaining and informative lesson. This educational video lesson covers the basics of taxes, how taxes help our communities, why we pay taxes, and the importance of taxes.
SALES TAX
Sales tax is a tax you pay when you buy things like clothes, toys, and food. It's a percentage of the price you pay, and the seller collects the tax and sends it to the government. Sales tax is different in each state and city. It's important to know about sales tax so you can understand how much you're paying for things.
What is Sales Tax? Sales Tax Explained Lesson
Students learn about sales tax and its impact on their daily purchases, including why it's important and how it's calculated. They explore how sales tax funds public services and how rates vary by location and item. The guide also covers the effects of sales tax on businesses and consumers, providing practical tips for saving money and making informed shopping decisions.
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)
Worksheet for teaching the concept of a sales tax.
Sales Tax Introduction (Level 2)
INCOME TAX TIME WORD PROBLEMS
Answer word problem questions with an income tax theme.
WHAT ARE TAXES LESSON
Video lesson on the basics of what are taxes, the types of taxes, and how taxes are used.
HOW TO DO TAXES - TAX FILING LESSON
A step-by-step guide on the basics of how to file taxes if you are new to the process or unsure of what to do. It explains tax preparation, necessary documents, tax deductions, tax credits, and tax return filing status. For those first-time filing their taxes or those who want an overview of the process.
Getting Ready for Taxes: Documents you Need
The first step towards filing your tax return is to gather all the documents that you will need. Here, students learn a checklist of what documents, paperwork, and receipts are needed to file your income tax return, including the W-2 and 1099. Includes video lesson and worksheet.
Filing taxes and navigating the complexities of the tax code can be overwhelming. In this video, we’ll share some tips to help you make the most of filing your tax return. Using this as a warm-up or lesson starter is an effective way to engage students in a practical and relevant topic that directly affects their lives.
Free Tax Filing - IRS Free File Lesson
This lesson educates on how to file taxes for free using the IRS Free File program. It explains the use of no-cost tax preparation software, a result of the partnership between the IRS and various tax preparation companies, for efficient federal and state tax filing. The lesson includes a step-by-step approach suitable for beginners, detailing the electronic submission process and covering essential forms. It also addresses the income eligibility criteria for the Free File program and provides alternative options for those with higher incomes, ensuring comprehensive knowledge for various tax filing situations.
IRS 1040 U.S. INDIVIDUAL INCOME TAX RETURN
The Form 1040 is the standard tax form used by individuals to file their annual income tax returns with the Internal Revenue Service (IRS). It requires taxpayers to report their total income for the year, claim any deductions or credits they are eligible for, and calculate their tax liability. The form is used to determine whether a taxpayer owes more taxes or is due a refund. Filing a complete and accurate Form 1040 is important to avoid penalties or interest charges from the IRS.
A short video on what is the IRS 1040 tax form. It is a federal income tax form that people use to report their income to the IRS and claim tax deductions or credits. It is used to calculate your tax refund and tax bill for the year.
How to read the IRS 1040 Tax Return Form
Interactive simulation tutorial to learn to read some of the important parts of the income tax 1040 individual tax return.
2021 IRS 1040 Tax Return Form for 2022
Interactive simulation tutorial to learn to read the 2021 income tax 1040 individual tax return for the 2022 tax season.
A video lesson on how to fill out Form 1040. Learn what is the IRS 1040 tax form, and how to fill it out by looking at an example. Form 1040 is the U.S. Individual Income Tax Return. Here we step through some of the more common filled in lines for the the 1040, to help give you an idea of what things you likely will need to fill out, for help preparing your form. Example provided with single taxpayer. Step by step and line by line instructions.
How to Fill Out 2022 Form 1040 for 2023
Learn how to correctly fill out the 2022 IRS Form 1040 for the 2023 tax year.
How to Fill Out 2023 Form 1040 for 2024
Learn how to correctly fill out the 2023 IRS Form 1040 for the 2024 tax year. This guide includes an overview of the Form 1040 and step-by-step instructions for completion. Updated for filing the 2023 tax return. Learn the basics of the by examining a step-by-step example of a single taxpayer’s form with no dependents. Understand how to fill out the form line by line, including information on the standard deduction, tax tables, tax bracket calculations, and more. This guide provides clear instructions and an example form. Includes information on filing, deductions, exemptions, tax credits, tax liability, wages, earned income, interest income, capital gains, taxable refund, and taxable payments.
Federal Income Tax 1040 Worksheet
Practice filling out and preparing the IRS Federal Income Tax 1040 individual tax return form.
Federal Income Tax 1040EZ Worksheet
Practice filling out the Federal Income Tax 1040EZ tax form.
TAX FORM W-4
The W-4 tax form (W4) is a document that employees fill out to provide information to their employers about how much federal income tax should be withheld from their paychecks. It includes details such as the employee's filing status, allowances, and additional amounts to be withheld. Keeping the W-4 form up-to-date is important to ensure accurate tax withholding.
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.
How to Fill Out an IRS W-4 Form Lesson
In this lesson students will learn how to fill out a W-4 form, an important document for your employment paperwork. You’ll learn about the different sections of the form, such as personal information, dependents and other credits, and adjustments to your tax withholding, as well as the importance of updating it when your tax situation changes.
TAX FORM W-2
A W-2 tax form is a document provided by an employer to an employee at the end of the year, which reports the employee's total earnings and the taxes that were withheld from their paychecks throughout the year. The form contains important information such as the employee's Social Security number, employer identification number, and details about any pre-tax deductions or benefits received. The employee uses the W-2 form when filing their personal income tax return with the IRS.
How to Read Your W-2 Tax Form Lesson
In this instructional video lesson, students will learn about the W-2 tax form from the IRS, which is an important document required for filing your taxes that you receive from your employer. Step by step walk-through of the different boxes and sections of the W-2 form that provide information about your earnings and taxes withheld by your employer during the previous year.
Reading the Tax Form W-2 Interactive
Learn to read and understand the W-2 tax form interactive simulation.
Worksheet and lesson to learn to read the IRS W-2 tax form, a basic wage and tax statement used by employers. Understand reported income and taxes.
TAX CREDITS
Tax credits are reductions in the amount of tax owed to the government. Unlike deductions, which reduce the amount of taxable income, credits directly decrease the tax bill. There are various types of tax credits, such as earned income tax credit, child tax credit, and education credits. These credits are designed to provide financial relief, encourage certain behaviors, or support taxpayers in specific situations. It's crucial for taxpayers to understand which credits they're eligible for, as this can significantly lower their overall tax liability. Staying informed about available tax credits and their eligibility criteria is essential for maximizing tax savings.
This lesson covers the anticipated updates to the Child Tax Credit, focusing on its potential to increase tax refunds and aid low-income families. Students will learn about the credit's role in financial support for families, its inflation adjustment, and the importance of meeting IRS eligibility requirements. The aim is to help to understand and maximize this tax benefit for better financial planning and enhanced tax relief.
EARNINGS STATEMENT
An earnings statement, also known as a pay stub, is a document that employers provide to employees each pay period. It contains details about the employee's gross pay, net pay, and any deductions or withholdings taken from their paycheck. The statement may also include information about the employee's hours worked, pay rate, and any bonuses or benefits received. Earnings statements help employees track their income and understand how their pay is calculated.
Practice reading an earnings statement, also known as a paycheck or pay stub, and answering related questions. Includes questions regarding Federal, State, social security tax, and other payroll deductions. Students learn about gross income, net income, and taxable income.
CLASSROOM ECONOMY
Classroom economy is an educational approach that involves creating a mini-economy within a classroom. Students earn "classroom currency" for completing tasks, exhibiting positive behaviors, or achieving academic goals. They can then use the currency to purchase items or privileges in the classroom, such as pencils, erasers, or extra computer time. Classroom economy teaches students valuable lessons about financial literacy, decision-making, and responsibility. It can also help improve classroom behavior and engagement.
A lesson on taxes for a classroom economy. Students learn about sales tax, federal and state income tax, and the services that are paid for by tax dollars.
ADDITIONAL LESSONS
A lesson paying taxes.
A lesson about the reasons for paying taxes.
ADDITIONAL RESOURCES
Understanding Taxes Lesson Plans
IRS website on understanding taxes for teachers.
Explaining Taxes to Students Lesson Plan
Students learn why we pay taxes.
This lesson helps students understand the basic services provided for Americans in the United States Constitution and the necessity of a system of taxation to fund those services. Students will debate the pros and cons of having governments fund and provide particular services.
This lesson will assist students in identifying various taxes and the services they help governments provide.
Taxes: Where Does Your Money Go?
This lesson will assist students in identifying various taxes and the services they help governments provide.
This lesson introduces students to federal and state income taxes, including why we have taxes and what is funded by taxation, average vs. marginal tax rates, taxes and financial (investment) planning, and tax avoidance vs. tax evasion.
No Taxation without Calculation: Filling Out Tax Returns
How much of workers' income goes to taxes? In this lesson, students estimate how much various people would need to earn to cover their expenses, and then take into account their tax burden. After exploring the 1040 form, they work in groups to use mocked-up financial forms to fill out tax returns for taxpayers, then swap with another group to conduct an "audit."
INFORMATIONAL ARTICLES
A Few Tips for Tax Savings
A few basic tips to help you save money on your tax bill.
Tax Savings - The Teacher Tax Deduction
Teachers and other educators should save their receipts for the teacher tax deduction.
ADDITIONAL TAX RESOURCES
For additional help with taxes we suggest using TurboTax. (This is an affiliate link and we may receive compensation if you use this service, at no additional cost to you. We appreciate your support, as it helps us create more content for you.)
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