Deductions and Taxes
Education and Employment
Students will compare the effect of personal income on their goals.
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Understand and follow the requirements of filing income taxes.
Analyze the impact of tax liability on income including potential deductions and credits that will impact state and federal income tax.
Evaluate a paycheck and how payroll taxes along with other deductions (e.g., insurance, retirement account, or flexible spending account for parking, childcare, and health) decrease net income.
Evaluate types of taxes (e.g., progressive or regressive) and earned benefits with eligibility criteria (e.g., Social Security, Medicare, or Medicaid).