5th Grade Income, Taxes, and Budgets worksheets

About this worksheet

Fifth grade closes the strand with Texas TEKS 5. 10: naming sales tax, property tax, and income tax; telling gross income (before taxes) from net income (after taxes); recognizing a check, a credit card, a debit card, and an electronic transfer as different ways to pay; understanding why families keep financial records; and knowing what to do when a budget's spending is higher than its income. This worksheet keeps every tax explained the same simple way — a small part of what people earn or spend that helps pay for shared things like roads and schools — rather than debating tax policy.

Children compare a paycheck before and after taxes, match a payment description to its correct method, and check whether a family's monthly numbers actually balance. Watch for a child who confuses gross and net income; gross is the larger number, before anything is taken out. Watch, too, for a child who assumes a budget problem can only be fixed by earning more — cutting spending is an equally real option this worksheet asks children to recognize.

What your child will learn

• Name sales tax, property tax, and income tax
• Tell gross income from net income
• Match a payment method to its description
• Explain why financial records matter
• Decide how to balance a family budget