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Tax Day

Students are required to pay annual income taxes on or around April 15. On this day, students complete their tax returns and determine if they owe additional money, have paid their taxes in full, or have earned a refund.

Throughout the year, students had the option of withholding (paying) taxes from their monthly paychecks. They also had the opportunity to earn tax credits by donating items to the auction or performing community service. Each action garners a $100 tax reduction.

In class

30 minutes

Introducing taxes

Explain to students that federal income taxes are collected by the U.S. government to help pay for national programs such as the court system, the military, interstate highways, and all the hundreds of other services that Americans use. Similarly, in the classroom economy, taxes are collected to pay for students' salaries.

Tax Day procedures

	Throughout the year, each student keeps track of his or her tax withholding payments and tax credits.
	By Tax Day, each student finishes the form to determine the amount of taxes he or she still owes or will receive as a credit.
	The student enters that amount as a withdrawal or credit in his or her bank log. The Auditor verifies the tax amount and makes sure the bank logs match—initialing when they're correct.

Next: Year-End Wrap-Up Previous: Bill Day

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