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