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Tax Time Scavenger Hunt
A recent report states that Americans spend more on taxes annually than they spend on both food and clothing. But how much do we know about taxes? Just mention the April 15th due date for IRS filings, and most adults get that deer-in-the-headlights look. It can be confusing and overwhelming to try to figure out what you should be doing as a tax-paying citizen, especially when you consider that U.S. tax code is now over 7 million words long (compared to a measly 1,300 words in the Declaration of Independence). What's an honest American to do? Fortunately, there are some really helpful resources available to us to help make sense out of all this. Today you will look at four helpful websites and go on a scavenger hunt, looking for information about income taxes. If you get stuck, just press the 'help' button near most questions; it will tell you specifically where to look to find the answer. When you have finished working with these three sites, not only will you have some great basic information, you will also be familiar with navigating the sea of income tax information!
How do income taxes work? How will I know how to file, and what does it mean to file? You'll look at three helpful websites and look for answers, scavenger-hunt style, that will give you a good understanding of some income tax basics. You'll also learn your way around some sites that can serve as great resources in the future.
In this lesson you will work with a series of interactives and websites in order to increase your knowledge of income taxes.
First Site:
Answer the questions below. For help answering the questions go to www.irs.gov/
Second Site:
Define the following terms in your own words. To learn about the terms, go to the glossary at http://finance.yahoo.com/personal-finance/glossary
for help.
Third Site:
Complete the following interactive activity. For help, go to www.salary.com
.
What money is taxable and what is nontaxable? Click here to drag and drop the following descriptions into the correct category: taxable or nontaxable.
If it was not for income taxes, we would not have a lot of the nice things the government provides using tax money, like roads, police, and schools. But enjoying the benefits of taxes does not make them any less confusing. Now you know some basic tax information, and you also are familiar with some sites you can refer to in the future when you need to find out more.
Do you remember the information you learned about in this lesson? Take a couple of minutes to go back over the scavenger hunt questions and your answers. If you have any questions, now is the time to ask. Click here to complete a quiz on taxes.
In this lesson, you have looked at four useful websites, but there aremany other websites that also can help you master taxes. Your job is to find another website with tax information and identify some of its helpful features. Fill out the Tax Time Scavenger Hunt Extension Activity worksheet with your findings.
