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  • Tax Lesson 3 Out of 3

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    This 3-paragraph summary provides the essential information about the tax preparation lesson in 3 sentences or less: The lesson teaches students to identify what they need to file their tax returns, distinguish between tax credits and deductions, and complete a 1040 tax form; students work through a worksheet to understand the difference between standard and itemized deductions and tax credits versus deductions, and then practice completing a sample 1040 form using a W-2; the lesson concludes with an exit ticket for students to self-assess their understanding of doing taxes and plans for using a potential tax refund.

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    tax lesson 3 out of 3

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    This 3-paragraph summary provides the essential information about the tax preparation lesson in 3 sentences or less: The lesson teaches students to identify what they need to file their tax returns, distinguish between tax credits and deductions, and complete a 1040 tax form; students work through a worksheet to understand the difference between standard and itemized deductions and tax credits versus deductions, and then practice completing a sample 1040 form using a W-2; the lesson concludes with an exit ticket for students to self-assess their understanding of doing taxes and plans for using a potential tax refund.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    214 views3 pages

    Tax Lesson 3 Out of 3

    Uploaded by

    api-492177450
    This 3-paragraph summary provides the essential information about the tax preparation lesson in 3 sentences or less: The lesson teaches students to identify what they need to file their tax returns, distinguish between tax credits and deductions, and complete a 1040 tax form; students work through a worksheet to understand the difference between standard and itemized deductions and tax credits versus deductions, and then practice completing a sample 1040 form using a W-2; the lesson concludes with an exit ticket for students to self-assess their understanding of doing taxes and plans for using a potential tax refund.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    Teacher: Michelle “Shelly” Bassett Date: Fossil Ridge HS

    Class: Finance Period: 5


    Title: TAXES Lesson #: 3/ 3 Lesson Length: 55 minutes

    Standard:
    Standard 2 Objective 3: Understand the effects of state, local, and federal taxes and voluntary deductions on
    wages and income, the difference between gross and net income, and the similarities and differences between
    wages and income. 

    Lesson Ideas/Topics:

    Learning Targets: 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 

    Enduring Understanding (Big Idea):​ I can do hard things. Things may seem overwhelming but
    when I break things up into smaller pieces they become more manageable.

    Building Background (links to past learning, connections, key vocab):


    W-2 form, W-4 form, 1040, 1099, standard deduction, itemized deductions, tax credit, gross
    income, net income

    Procedures and Meaningful Activities:

    Prep/Materials:
    Print ​Tax Preparation Checklist for Teens​ for reference
    Figure out how to divide classroom up
    Post worksheet (deductions vs credits, standard vs itemized) on Google Classroom
    Print 1040 for everyone in class
    Print W-2 Borris for everyone in class
    Get quarter sheets to hand out for exit ticket

    Est Time Notes


    Language Skills: Reading Writing Speaking Listening
    10 min Opening: Divide into 4 groups based
    Reference: Tax Preparation Checklist for Teens on last name:
    You’re ready to file your tax return...but, what exactly do you need before you file? 1. A-B
    2. C-La
    1. Make a list of all of the information you will need and all of the documents you 3. Le-Si
    will need to gather. (as a group they write answers on whiteboard) 4. Sl-z
    2. Have each group give one answer (fire round must be fast without repeating
    what others have said)

    REFERENCE
    ● Tax Preparation Checklist for Teens

    Lesson:

    10 min -Students work on


    1.​Have students go to Google Classroom to complete the following ​worksheet own and submit
    (information below is on worksheet) when done

    REFERENCE
    ● Tax Deductions vs. Credits

    REFERENCE
    ● Standard Deductions vs. Itemized Deductions

    Standard Deductions vs. Itemized Deductions


    You have all your paperwork and are ready to fill out the 1040. Not so fast! You also
    have to figure out if you qualify for any ​tax credits​ or ​tax deductions​, which can
    actually lower your overall tax bill! Read the information from this article segment
    and reference slide to learn more about tax credits and deductions. Then, answer
    the questions.
    1. In your own words, explain how tax deductions differ from tax credits.
    2. Would you rather take a tax deduction or a tax credit? Why?
    3. Why might someone want to itemize their deductions if it requires more
    work than simply claiming the standard deduction?

    ACTIVITY
    ● CALCULATE: Completing a 1040

    20 min 2.​CALCULATE: Completing a 1040 Divide class based


    on their comfort level
    of filling out taxes on
    -Handout 1040 form their own
    -Handout W-2 form for Borris
    **Bring class into groups…
    -Those that want help can sit on one side of class
    -Those that feel comfortable can work on own

    -Follow the directions on this worksheet to complete this activity.

    Closing:

    5 ming Handout quarter sheet of paper

    EXIT TICKET
    1. How do you feel about doing your own taxes in the future?
    2. What questions do you still have about doing taxes?
    3. What are two ways someone can use their tax refund wisely?

    **These questions are going be addressed at the beginning of next class**

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