Financial Literacy - Income and Deductions

Introduce your young adults to the important understanding that the money they receive from their paychecks is a net amount as a result of deductions from taxes. Other topics covered include federal, state, Medicare and social security...

From fixed and variable expenses to gross income and net pay, break down the key terms of budgeting with your young adults and help them develop their own plans for spending and saving.

Math can be taxing at times. With a short lesson plan, pupils determine how income tax affects take-home pay. Learners determine their net pay based on tax tables and how adjustments in their gross pay changes the paycheck.

Some of us never feel like we know how to do our taxes! Help scholars understand the process early by using an informative resource. They fill out their own tax forms in a simulation activity and view multiple resources to learn even...

Students review a pay stub from a sample paycheck to understand the real-world effect of taxes and deductions on the amount of money they take home.

Learners distinguish between tax deduction and tax credit, explain how the earned income credit affects the tax liability, apply requirements to claim the earned income credit, and describe factors that determine the amount of the earned...

Students determine that they are responsible for paying income taxes through withholdings on earned income. They examine the Form W-4.

Students make choices regarding money management. In this personal finance lesson, students explore budgets, incomes, and expenses as they learn vocabulary regarding personal finance and consider how to create personal budgets.

Students explore the concept of philanthropy. In this personal finance lesson, students consider economic choices and why people donate to causes. Students investigate the processes of borrowing money and investing money in the lesson as...

Students explain the history of the Social Security Act and the FICA tax. They describe what Social Security is and whom it is intended to help. They explain the purpose of the FICA tax.