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Grades 7–8
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Grades 7–8

Tax Day

Students are required to pay income taxes on or around April 15. We suggest taxing them at a flat rate. You should also give students tax deductions for charitable contributions. For example, students who donate items for the auction or who perform community service could receive a deduction of $100 for each contribution.

Under the flat-rate system, students pay $500 in yearly income tax unless they receive deductions. The tax form in each student's folder should hold a log of any reductions he or she has earned throughout the year.

In class

30 minutes

Introducing taxes

Explain to students that federal income taxes are collected by the U.S. government to help pay for national programs such as the court system, the military, interstate highways, and all the hundreds of other services that Americans use. Similarly, in the classroom economy, taxes are collected to pay for students' salaries.

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.
    2. The student takes the bank log and tax form to the Banker to verify the amounts.
    3. The Banker verifies the tax amount and makes sure the bank logs match.

Insurance simulator:

What's the damage?

Generate

Insurance costs:

One-time yearly payment of: $1,200
or monthly payments of: $200
X

Insurance simulator:

What's the damage?

Generate

Insurance costs:

One-time yearly payment of: $1,200
or monthly payments of: $200
X