Talking about taxes and income tax

Financial skills to explore

  • Learning about tax collection
  • Understanding that money is made by working
  • Calculating taxes

For children ages 10 to 11

Activity summary

Do your children ask you why the price at the cash is not the same as one on the price tag? Are they already questioning you about the cost of seeing a doctor at the hospital?

After this activity, you'll have many ways to easily explain taxes and income tax and help your children understand the basics of our economy.

Start by calculating taxes on purchases. Then, help your children make associations between income tax and the cost of public services.