Learning objectives and key concepts: Taxes and tax forms

Here you will find clearly marked learning goals in "student will" statements, which complement the objectives of the existing units and help frame your instructional approach.

Unit overview

This unit is designed for students in high school or college, but anyone who wants to learn more about U.S. tax system can benefit from it. Students can watch the videos, read the articles, and do the exercises at their own pace, or you can follow the suggested lesson plan below. You can also use the resources and activities in the unit to supplement your classroom instruction, homework, or projects.

The unit consists of two lessons, each covering a subtopic of taxes. Each lesson has a set of videos, articles, and exercises that explain and illustrate the key concepts and skills. The suggested lesson plan for each lesson is:

Watch the videos and take notes on the main ideas and examples.
Read the articles and review the key terms and definitions.
Do the exercises and check your answers and explanations.
Discuss the questions and scenarios with classmates, teacher, or family.
Do the extension activities to apply, evaluate, analyze, and design own solutions.

By the end of this unit, students will understand what taxes are, how they work, and why they are important. They will also learn how to read and fill out basic tax forms and familiarize themselves with key tax terms.

The lessons and their learning objectives are:

Lesson 1: What are taxes?

This lesson is designed to provide students with a fundamental understanding of taxes and how they function.

Key concepts covered include:

The definition and importance of taxes: mandatory payments to governments that fund public goods and services.

Different types of taxes: income, payroll, sales, property, corporate, estate and inheritance, excise, hotel and occupancy, toll taxes, and who is responsible for collecting them.

Calculation and collection of taxes: flat tax (sales tax) vs progressive tax (income tax).

Variation in tax rates: based on income levels and other factors, like home values.

Students will be able to:

identify and differentiate between types of taxes, including income tax, sales tax, and property tax, among others.
identify the correct collection agency for various forms of taxes (i.e. federal government collects income tax, state government collects sales tax).
associate specific taxes with the public services and infrastructure they fund.
differentiate between flat vs progressive tax.

Lesson 2: Tax forms

This lesson discusses most common tax forms people will encounter in their workplace, and at home.

Key concepts include:

Tax forms: focuses on most common tax forms: W4, I9, W2, 1099, 1098, and 1040, what they are used for, and the timeline of their arrival.

Key tax terms: key tax terminology such as Adjusted Gross Income (AGI) (total income minus certain deductions), taxable income, (portion of your income that is subject to taxes after allowances for personal exemptions and itemized deductions), standard deduction (set amount that reduces the income you're taxed on), and tax credits, which directly reduce the amount of tax you owe.

Reading a W-2 form: detailed guide on how to read and understand a W-2 form, breakdown the sections of the W-2 form, and explanation of what each box represents.

Students will be able to:

match descriptions of specific tax forms to their corresponding form identifiers, such as I9, W2, W4, 1040, and 1098.
define key tax-related terms, including Adjusted Gross Income (AGI), gross income, dependents, above-the-line deductions, marriage penalty, and marriage bonus.
identify the primary components and the purpose of the W2 form, including employer information, employee information, wages, and tax withholdings.
locate and correctly state the gross income figure, substantiating their answer through evidence from the form.

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