Title: Lesson 2.5: Understanding Taxes (Classroom Resource)
Course: Personal Finance Sample "STANDARD" Syllabus > Section: Unit 2: Earning Income

Description: Students discuss factors that make various taxes different: bases, rates, structures, methods of collection, and level of government imposing the tax. They learn a simple tax formula and information about four common types of taxes (income, payroll, sales, and property). Students then apply this knowledge to calculate for each of three households the total taxes paid and the net income based on each household’s gross income and expenditures.

- Go to https://www.stlouisfed.org/education/making-personal-finance-decisions-curriculum-unit/understanding-taxes (Making Personal Finance Decisions Curriculum Unit).
- Use “Lesson 4B: Understanding Taxes” (pdf) and the accompanying PowerPoint slides for Lesson 4B.

Full Lesson Plan: Making Personal Finance Decisions Lesson 4B.pdf

PowerPoint Slides: Making_Personal_Finance_Decisions_Lesson_4B.pptx