Benefits, Paychecks and Taxes

The Goal of this unit is to apply financial literacy to decision-making as related to  personal monetary planning. 

This entire unit is estimated to take 6-7 School Days at 45-60 minutes per day. 

CT.ACDP.05.06 Calculate individual monthly gross and net pay for salary and wage earners.  

CT.ACDP.05.07 Calculate overtime based on hourly pay. 

CT.ADCP.05.08 Explain required and optional payroll deductions.  

CT.ADCP.05.09 Explain the importance of budgeting and create a personal budget.  

CT.ADCP.05.10 Determine the expenses of independent living.  

CT.ACDP.07.01 Describe the U.S. free enterprise system and the concept of supply and demand.  

CT.ACDP.07.02 Describe the history and necessity of the tax system in the U.S.

CT.ACDP.07.03 Describe the various services and facilities provided by taxes.

CT.ACDP.07.04 Describe the purpose of and benefits provided by Social Security, Medicaid, Medicare, workers’ compensation, and unemployment insurance.

CT.ADCP.07.05 Understand purpose and use of various IRS documents (W-2, W-4, 1040EZ).  

CT.ACDP.07.06 Complete state and federal income tax returns.

CT.ADCP.07.07 Explore options available for preparation of individual tax returns (self, software, accounts) 

CT.ADCP.07.08 Explain the role of federal, state, and local governments in U.S. monetary  and fiscal policy

Assignments:

• Benefits, Paychecks and Taxes

1. 1. Payroll Study Grid

   2. Benefits Required by Law Notes and Worksheet

   3. Additional Benefits- Schoology Assignment or can be done as a google doc

   4. Benefits and Paycheck Practice- print worksheet or can be done as Schoology Assignment

   5. Overtime and Paychecks - Schoology Assignment

   6. Benefits and Paychecks Review- Schoology Assessment

   7. Spent Game- Schoology Assignment- use next gen resource page or have students submit a screenshot once completed

   8. Payroll Quiz - Schoology Assessment

• Taxes

1. 9. Taxes Study Grid

   10. Taxes Notes and Worksheet

   11. Taxes and Teens- Schoology Assignment or can be done as a google doc

   12. Tax Forms and their purpose- Schoology Assessment

   13. Reading a W-2- print out worksheet- or can be done as a Schoology Assessment. Answer key can be found on Next Gen Personal Finance. 

   14. Notes on Filing a tax return- video linked on notes- print or can be done as Schoology Assignment with google doc

   15. Tax Simulations- can be done on Turbo Tax or through Everfi

   16. Taxes Quiz

   17. Additional resources in Schoology blueprint