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Preparing a 1040EZ Income Tax Form
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Many students in high school or in college have part time jobs and learn the concept of gross pay and net pay. Their employers take out taxes at the federal and state level. This lesson takes a common situation and helps students understand how to complete the 1040EZ form to get all or most of the money deducted for federal income tax refunded.
- Economics 16: Role of Government
This seemed like a challenging, yet completely applicable lesson on completing an income tax form. Standard and collaborative classes may have some trouble doing the calculating but it will be great for them to know companies and individuals charge hundreds of dollars to complete tax forms. I often hear from students questions about taxation and how they have trouble completing the form on their own. It is indeed sad that they receive little to support at home when it comes to the completion of the income tax form. This seems like an excellent hands on and practical lesson.
This activity was great for my Senior Economics class. It was challenging, but they worked hard to try to understand how to file taxes. A lot of students were glad they were learning how to do this now, rather than having to figure it out on their own later.
This lesson is so very necessary for my students! Filing taxes and understanding where the monies go is crucial to creating active citizens. Most of my students are disadvantaged and this sophisticated lesson makes them feel more empowered.
This lesson is so necessary for high school students because nowadays so many have part-time jobs after school. So, it will be beneficial if they know how to complete their own Income Tax papers because they can file their own taxes for free. As a result, having the skills and knowledge on income taxes can save them quite a bit of money.