Day 39 (8)


Everyone is required to pay income taxes on or around April 15. In this class, you will be taxed at a flat rate. You can get tax deductions for charitable contributions. For example, donating items for the auction or performing community service, you could receive a deduction of $100 for each contribution. Under the flat-rate system, you will pay $500 in yearly income tax unless you receive deductions.

Introducing taxes

Where Do Our Taxes Dollars Go? Taxes Activity

Tax day procedures

    1. Each student completes the tax form to determine the amount of taxes he or she owes.
    1. The student enters that amount as a withdrawal in his or her bank log.
    1. The student takes the bank log and tax form to the Banker to verify the amounts.
  1. The Banker verifies the tax amount and makes sure the bank logs match.
  2. Work on a lesson in Everfi’s Financial Literacy course that you started last class.