Explaining Taxes to a little kid...

[Savingmonster]

I had a 10 yr old cousin, I wanted her to read up on TAXES.

Do you guys have any ideas or good online articles on TAXES...

I wanted some simple reading that explains why taxes are taken out of one's paycheck, and why we get a refund.

i've always been horrible with $$, I just started really getting into it. I had a hard time explaining to her why we owe the government and what is a tax bill exactly.

I think this will be good for me as well... Thanks.

[miclason]

I found this site on "stumble"....I think it might be useful...

http://www.econedlink.org/

[cicy33]

this is a subject most adults have trouble with! My personal simple explanation is taxes are withheld to pay for things that should never have been bought in the first place. Or have been spent way too much on. lol seriously though, I am not sure I understand taxes myself and I consider myself to be fairly well educated.

[tinapbeana]

explain to kids that the government gives us things to make life better and/or safer, and in order to pay for those things we pay taxes. give easy examples: roads, sidewalks, libraries, schools, police, firemen. maybe even social security/medicaire if they are familiar with these because of grandparents.

and yes, i know that all these things aren't paid for by federal income tax but, for a kid, i think it would be an understandable explanation.

[poundwise]

Give the child 10 jellybeans.

Then take 3 back for federal/ssa.
Then take 1 back for state.
Then take 1 back for other taxation.

That's how taxes work.

[creditcardfree]

Originally Posted by poundwise

Give the child 10 jellybeans.

Then take 3 back for federal/ssa.
Then take 1 back for state.
Then take 1 back for other taxation.

That's how taxes work.

Yum! Jellybeans!

Wouldn't the world be a better place if we were all paid in jellybeans? Of course, I'd like to be the jellybean maker!! LOL!

[LuxLiving]

Okay, CCfree, if I can be the transportation distributor!

[LuckyRobin]

Oh, I like the jelly bean idea, but of course, if we did, we'd all be much fatter, too!

I just keep it simple and tell my kids that it pays for schools, hospitals, roads, parks and to take care of people like their retarded great aunt who cannot take care of herself or to help out families or old people when they don't have enough money to live on and buy food and medicines.

[PrincessPerky]

Originally Posted by poundwise

Give the child 10 jellybeans.

Then take 3 back for federal/ssa.
Then take 1 back for state.
Then take 1 back for other taxation.

That's how taxes work.

well then you should send

1 to the house
1 to utilities
1 to the car

and you can eat or play with the other two....