In Week 9 students learn about taxes, specifically the federal income tax. The emphasis is not on the philosophies of tax fairness or the history of the current tax system but rather on the how-to of filing tax forms.In Budget Challenge the assumption is that students are single and are having taxes withheld based on that filing status. Changes to the student’s 401(k) contribution affect the amount of taxes withheld, just like in real life. The advantages of tax advantaged savings for retirement is very evident in Budget Challenge and an important concept to reinforce.
Topics covered in this unit
- What are personal income taxes and who has to file (CW9.1)
- Income and Deductions (CW9.2)
- IRS.gov (CW9.3)
- Tax Credits (CW9.4)
- Income tax brackets (CW9.5)
- Log in to your Budget Challenge account
- From your Dashboard under Written Tests click VIEW DETAILS and next to (CW9) PERSONAL INCOME TAXES AND FORMS click UNIT MATERIAL
- READ EVERYTHING & WATCH ALL THE VIDEOS!! TODAY IS A LEARNING DAY!!
- Once you feel like you know everything there is to know from the Unit Materials, take the quiz–you do not have to do this today!!
- INCOME TAXES & FORMS: https://www.budgetchallenge.com/Portals/0/Documents/RoadMap/Week8/W8_Pit%20Stop_Income%20Tax_Forms.pdf
- TAX BINGO & TAX FORMS: https://www.budgetchallenge.com/Portals/0/Documents/RoadMap/Week8/W8_Test_Drive_Tax_Bingo_Tax_Forms.pdf