TAXES
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This video demystifies taxes for teens: why we pay them, where the money goes, how to lower your bill legally, and—most importantly—how to file your first tax return like a pro.
Learning Objectives:
Upon completion of this module, students will:
- Explain why taxes exist and identify the main services they fund.
- Recognize the different types of taxes that affect your income and purchases.
- Distinguish between tax deductions and tax credits and use them to reduce your liability.
- Trace how your tax dollars are allocated at federal, state, and local levels.
- Complete and submit a basic tax return, avoiding common first-time filing mistakes.
Curriculum
- 5 Sections
- 5 Lessons
- Lifetime
- Taxes Introduction1
- Part 1Taxes finance government operations—education, infrastructure, healthcare, defense, and social programs—and take forms such as income, sales, payroll, and property taxes; non-payment can incur penalties, interest, or legal action.2
- Part 2Deductions subtract allowable expenses from taxable income, while credits directly reduce tax owed; leveraging both, alongside accounts like Roth IRAs and documented work or education expenses, legally minimizes overall tax burden.2
- Part 3Federal, state, and local governments allocate tax revenues according to budget appropriations, with major shares devoted to healthcare (Medicare/Medicaid), Social Security, defense, and education; public transparency tools (e.g., USAspending.gov) enable citizen oversight.2
- Part 4Filing requirements depend on income thresholds and employment status; taxpayers gather W-2/1099 forms, choose electronic or paper submission, claim deductions/credits as applicable, and file by the annual deadline to avoid penalties and receive refunds.2
Will
With over 10 years of experience in Marketing, starting in the casino industry, Teacher Will has been involved in the creation and management of a financial budget on a corporate level. Most recently, his love of finance led him to work in both the financial and crypto industries respectively, while also working as an educator. Teacher Will is a dynamic financial literacy teacher who uses real-world simulations and hands-on projects to engage his students. He incorporates mock stock markets, budgeting games, and financial planning challenges to make abstract concepts practical and relatable. He emphasizes critical thinking, personal accountability, and real-life application over simple memorization.
Acess All Courses for only $99/Year
Get unlimited access to all learning content and premium assets Membership Pro
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