The finite element method is used for simulation of productivity in dynamic Taylor tests. Two different approaches for prediction of plastic deformation of finite element method is employed for numerical simulation of yielding under dynamic impact Taylor tests. Obtained results of modeling are compared with experimental ones. These are Johnson-Cook model and von Mises yielding criterion enhanced by incubation time approach. The simulation results have shown that the simplest method based on von Mises plasticity model provides good coincidence with experimental profiles of specimen shape in the course of deformation. The shortcoming is that the correct value of yield stress is depending on the loading rate and should be known beforehand. Thus, if there was a method to predict the value of dynamic yield stress to be used within von Mises criterion then this simple approach could be the optimal choice for simulation of dynamic plasticity in conditions of Taylor test.