What's the damage?Generate
Insurance costs:One-time yearly payment of: $1,200
or monthly payments of: $200
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.
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.