In this lesson from the Managing Your Money Unit, participants learn about paying their income taxes. Activties include Allocating Tax Dollars - What Would you Choose, a Home Talk activity, Attitudes about Taxes from the Attitudes about Money Active Learning Tool, Choosing What's Important to Spend Tax Dollars On, filling out the 1040 tax form using a provided scenario and tax table, and using the real-world-technology website, TurboTax from Intuit to practice filing taxes with fictional W-2 scenarios. There is also a webinar to talk you through using the TurboTax simulation.
Upon completion of this lesson, participants will be able to:
- Identify the purpose of income taxes
- Identify information contained on a W-2
- Use information in a W-2 to complete a Form 1040
- Use tax tables to prepare a Form 1040 Tax Return