Grade 9-12
,
Activity
Taxes Scavenger Hunt
Objective
Students will be able to:
- Navigate the IRS website to locate answers to frequently asked questions about income taxes.
Standard
National Standards in Economics
Role of Government and Market Failure
Standard: 16
- Students will understand that: There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people's incomes.
- Students will be able to use this knowledge to: Identify and evaluate the benefits and costs of alternative public policies, and assess who enjoys the benefits and who bears the costs.
National Standards in Financial Literacy
Earning Income
Standard: 1
- Students will understand that: Most people earn wage and salary income in return for working, and they can also earn income from interest, dividends, rents, entrepreneurship, business profits, or increases in the value of investments. Employee compensation may also include access to employee benefits such as retirement plans and health insurance. Employers generally pay higher wages and salaries to more educated, skilled, and productive workers. The decision to invest in additional education or training can be made by weighing the benefit of increased income-earning and career potential against the opportunity costs in the form of time, effort, and money. Spendable income is lower than gross income due to taxes assessed on income by federal, state, and local governments.
![](https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-480785570-768x1024.jpg 768w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-480785570-225x300.jpg 225w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-480785570-1152x1536.jpg 1152w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-480785570-100x133.jpg 100w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-480785570.jpg 1500w)
In this economics activity, students will investigate frequently asked questions about income tax.
Resources
Procedure
This individual activity requires students to search the IRS website to answer a set of frequently asked questions about personal income tax. To complete this activity, students should follow the instructions below:
- You have been hired by the Internal Revenue Service and your job is to answer frequently asked questions from taxpayers. You will need to become familiar with the IRS’s website.
- After familiarizing yourself with the IRS Website answer the questions with the Quizizz activity, Tax Time Scavenger Hunt Worksheet or complete the ReadyAssessments Activity.
- Check students work by using the answer key.