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Progressive Tax Calculation
- Price per Classroom$2.00
- Grade Levels 7, 8, 9, 10
- Topics Taxes
- Duration 30 Minutes
- Auto Scored? Yes
- Teacher Evaluation Needed? No
Activity Description
In this worksheet, students will learn about the concept of progressive taxation by calculating the total tax to be paid by different individuals based on their taxable income. The activity will provide students with progressive tax brackets and guided questions to help them determine the total tax liability for each individual.
Additionally, students will calculate the tax percentage paid by each individual, gaining an understanding of how lower-income individuals pay a lower percentage of tax compared to higher-income individuals.
Activities:
- Introduction to Progressive Taxation: Students will receive an overview of the progressive tax system and its purpose in ensuring tax fairness.
- Tax Brackets Review: Students will be provided with the progressive tax brackets, showing the different tax rates for various income ranges.
- Tax Calculation: Students will be given the taxable incomes of four individuals. Guided questions will help students calculate the total tax to be paid by each individual.
- Effective Tax Rate Calculation: Students will calculate the effective tax rate (tax percentage) for each individual to understand how much of their income goes towards taxes.
This worksheet is designed to enhance students' financial literacy and understanding of the tax system, providing them with practical knowledge to navigate and comprehend progressive taxation.
Teacher Tips
Included with the activity, you can view the tips to clarify student's doubts or to evaluate answers (for a teacher scored worksheet).
- Price per Classroom$2.00
- Grade Levels 7, 8, 9, 10
- Topics Taxes
- Duration 30 Minutes
- Auto Scored? Yes
- Teacher Evaluation Needed? No
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National Standards in Personal Financial Education
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Students will know that People are required to pay taxes on most types of income, including wages, salaries, commissions, tips, earnings on investments, and self-employment income .. Students will use this knowledge to 8-7a . Illustrate the relationship between income level and income tax paid . 8-7b . Describe how taxes are paid on tip income . 8-7c . Research the consequences of failing to pay income taxes .
Students will know that Earning Income 12-7. Students will use this knowledge to The type and amount of taxes people pay depend on their sources of income, amount of income, and amount and type of spending .