Skip to main content

Understanding taxes and your paycheck

Updated

Students analyze statements about taxes to better understand how taxes affect people’s paychecks.

Big idea

Understanding why and how taxes and other items are deducted from a worker’s paycheck is an important step toward gaining financial knowledge.

Essential questions

  • What are taxes and why do we pay them?
  • How do taxes affect the money a person brings home in their paycheck?

Objectives

  • Understand what taxes are deducted from our paychecks
  • Understand how these deductions affect our paychecks

What students will do

  • Determine which statements about taxes are true and false.
  • Participate in a class discussion about taxes and paychecks.