Financial Literacy: Income Tax- Notes and Realistic Sample Practice

Financial Literacy: Income Tax- Notes and Realistic Sample Practice

This comprehensive financial literacy resource provides an introduction to all aspects of income tax for high school students in grades 9-12.

How to Use:

1. Note-Taking Sheet: Begin the learning process with a note-taking sheet that includes ten questions and answers, helping students become familiar with the basics of income taxes including their purpose, due dates, understanding progressive taxes, and more.

2. Activity Section: The resource features a three-page income tax calculation activity. It simplifies elements of the income tax process like income assessment, deductions calculation, determining progressive tax amounts using percentages, as well as understanding credits. This section can be tackled using a calculator or done manually.

3. Tax Profiles: Natasha Jones, Derek Lim and Maya Parker: The engaging profiles show unique individual tax situations through appealing visuals with basic bookkeeping exercises emulating real-life tax preparation.

4. You could do the first profile as a whole class, allow students to work in pairs on the second profile, and use the final one for homework or assessment.

A complete, colour-coded answer key is included to make marking a breeze!

Grades to Use With:

This lesson is designed for high school students (grades 9-12) in a variety of classes from career and personal planning, to finance or business, home economics, or applied math! Basic math skills required include calculating percentages using decimals and adding and subtracting numbers to the hundred thousands.

What's Included:

A total of 13 pages in ready-to-print PDF Format

Title Page

Instructions

Income Tax: The Basics (background questions to be done as a class or by research)

Answer Key

3 page Income Tax Forms

3 Profiles: Natasha Jones, Derek Lim, and Maya Parker

3 Page Answer Key

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