In this interactive activity, students will delve into the fundamental concepts of taxable income and the standard deduction. Students will be presented with the progressive tax brackets table for 2023 and the standard deductions table. Students will use these look-up tables to calculate the taxes to be paid by four individuals with different incomes and different filing statuses.
Pre-requisite - students should know how to calculate taxes using the tax brackets, you can assign this worksheet to practice tax calculation - https://activelearninglabs.com/worksheet-details/75227e51-a735-445d-b318-f6d5c3f99124
The brackets and the standard deductions table given are:
This worksheet is a classroom-ready interactive and dynamic worksheet that just needs a few clicks to assign to your classroom. The worksheet is auto-scored, teachers just need to open the real-time console and monitor the student progress.
The primary objectives are to teach students how to determine taxable income by subtracting allowable deductions, specifically the standard deduction, and calculate the federal income tax liability based on the taxable income.