Financial Literacy Activities for Kids

Are your students learning about the different types of taxes in our economy? Sure, they may have heard of “taxes” in general, but once students enter fifth grade, they commonly learn about different types of taxes in their financial literacy unit. These include:

• Sales tax
• Income tax
• Payroll tax
• Property tax

Teach Starter has created a sorting activity where your students will master these types of taxes in no time! With this activity, students will read 24 different scenarios and sort them according to the described tax type.

To play, have students cut out the headings and lay them on their table or glue them on a large sheet of construction paper. Then, cut apart and sort the task cards into the correct category.

The goal of this resource is to practice differentiating between income, payroll, sales, and property tax.

Tips for Differentiation + Scaffolding 

A team of dedicated, experienced educators created this resource to support your math or economics lessons. 

In addition to individual student work time, use this sorting activity to enhance learning through guided groups, whole class lessons, or remote learning assignments. 

If you have a mixture of above and below-level learners, check out these suggestions for keeping students on track with the concepts: 

🆘 Support Struggling Students

For students who need additional support, provide notes with each type of tax explained to use as a reference. Read the cards together and discuss the clues that help you decipher which type of tax is used. Reinforce the difference between income and payroll tax, especially since those are often mixed up.

➕ Challenge Fast Finishers

As an extension, ask students to complete a four square about their favorite book, show, or movie. They will divide their paper into four sections and label them with the category headings from the task cards: income tax, payroll tax, sales tax, and property tax. Then, in each category, explain which character from their show/movie/book would pay that tax and why.

🖼️ Gallery Walk (Scoot Activity)

Hang all of the cards around the room. Assign students or pairs to a task card to start, and have them identify the type of tax that is described on a sheet of paper. When you say, “Scoot,” students will rotate through the cards until they have completed each one. Lead the class in a discussion, or divide students into groups to share their answers.

🏃 Category Sorting Relay Race

Split the class into two teams and have them line up in their groups on one side of the room. Lay the category cards in a central location between teams, and give each group their own set of shuffled sorting cards placed face down on the floor at the front of their line. When you say, “Go!” the first player in each line will grab the top card, run to the other side of the room, and place the card face up under its appropriate category. Then they’ll run back to their group and tag the next person in line. That player will grab the top sorting card, run to the other side of the room, and place their card where it belongs. Play will continue until each group has played all of their cards. The team that has their cards played in the correct order first wins. 

Easily Prepare This Resource for Your Students

Use the dropdown icon on the Download button to choose between the PDF or editable Google Slides version of this resource. An answer key is also included with this download. 

Print on cardstock for added durability and longevity. Place all pieces in a folder or large envelope for easy access. 

This resource was created by Lorin Davies, a teacher in Texas and Teach Starter Collaborator. 

Don’t stop there! We’ve got more activities and resources that cut down on lesson planning time:  

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Gross and Net Income – Task Cards

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Practice how to balance a budget with this financial literacy worksheet.