Financial Basics — Lesson 401

A World Without Taxes

Students identify sources of state and local tax revenues.  They learn about the various tax forms used by the IRS.  Students then break into teams of four and debate the purpose and benefit of various types of taxes.

What Students Learn

  • What are taxes and the types of services they pay for
  • The importance of the IRS and April 15th
  • The importance of tax planning
  • The use of forms W2, W4, 1040 Schedule C, 1099

Suggested Time

  • Preview and Episode Viewing: 45 minutes
  • Activity: 1 hour
Middle School Lesson Plan High School Lesson Plan

Young Entrepreneur: Glassblower

Clips for this Lesson

Woman within water holding Texax hoarding
Young Entrepreneurs: Life Guards
Young Entrepreneur: Glassblower
Black and white portrait of a man
Sketch: Gus Greenback
Boy taking instruction from old man at jungle
Sketch: Sasquatch’s Taxes
Public face is confused
BK Hosts: A World Without Taxes

Lessons in Financial Basics

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  • The first rule of money management: you can’t manage what you don’t know. Learn how to track expenses to build a better budget.
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  • Get financially empowered by learning how to set goals, create a budget, save, and manage money.
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  • What can you do with your allowance? Spend, save, share!
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  • Learn the difference between banks, credit unions and other financial institutions, and which one is right for you.