What are Taxes?
10th GradeSocial Studies45 min
aligned to Wise Financial Literacy
Learning Objective
I can define different types of taxes and their impact on personal income.
Lesson Flow
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Guided Notes
Key concepts students will learn:
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Your gross income can be refined into your adjusted gross income by subtracting certain expenses called adjustments or above-the-line deductions.
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An exemption is a flat $4,000 reduction in AGI available to each taxpayer for himself, his spouse, and each of his dependents.
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Tax credits directly lower your actual tax payments, unlike exemptions and deductions, which lower AGI.
Practice
10 questions • Multiple choice & Short answer
Exit Ticket
“Ray's gross income was $30,000. He paid $1,000 in student loan interest and took the standard deduction of $6,300. What is Ray's taxable income?”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
