Economics Principles and Practices
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Chapter 9: Sources of Government Revenue
"Understanding Individual Income Taxes"

Introduction
As you have already learned, the individual income tax is a tax on people's earnings. The tax laws should be written so that both the taxpayer and the tax collector can understand them. This task is not always easy, but people seem more willing to accept the necessity for taxes when they understand them. The purpose of this activity is to examine the taxes that are taken from your income.

Destination Title: Internal Revenue Service

Note: Clicking on the link above will launch a new browser window.
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Directions
In the "Search IRS Site" option box, type "Tax Interactive: Individuals Summer on its way" and select the article that matches this title.
  • Scroll down to the bottom of the page and select information for one of the jobs listed.
  • Print a copy of the page or read the information on screen and answer the following questions.

1. Which employee did you choose? Click on "Paycheck." What types and amounts of taxes were deducted?


2. What is the purpose of the Form W-4?


3. Select the "Tax Terms" page from the toolbar on the bottom of the Web page. Choose one of the tax terms and explain it in your own words.


4. Click on the "Contents" link at the bottom of the page. Next, select the "Your Town" link on the page. What are some of the goods and services paid for by your tax dollars?


 


 
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