Display Title
Definition--Financial Literacy--Federal Income Tax
Display Title
Federal Income Tax
Topic
Financial Literacy
Definition
Federal income tax is a tax levied by the government on the annual earnings of individuals, corporations, and other legal entities.
Description
Federal income tax is a primary source of revenue for the government, funding public services and infrastructure. It is calculated based on taxable income and varies according to income brackets and deductions. Understanding federal income tax is essential for personal financial planning and compliance. In real-world applications, individuals and businesses must file tax returns and may employ strategies to minimize tax liabilities. In math education, federal income tax introduces students to tax calculations, deductions, and financial responsibility. A teacher might say, "Federal income tax is money you pay to the government based on what you earn, which helps fund public services like schools and roads."
For a complete collection of terms related to Financial Literacy click on this link: Financial Literacy Collection.
| Common Core Standards | CCSS.MATH.CONTENT.HSA.CED.A.1 |
|---|---|
| Grade Range | 8 - 10 |
| Curriculum Nodes |
Algebra • Expressions, Equations, and Inequalities • Numerical and Algebraic Expressions |
| Copyright Year | 2023 |
| Keywords | financial literacy, tax, taxable income, tax deduction, tax credit, income tax, taxes, federal income tax |
