FINANCIAL LITERACY - The Money Trail - Part 13 - Income Taxes - 2017, 5th Edition 2018 - In this part, students learn that federal taxes withheld from their paychecks throughout the year were an estimate of the actual tax due. When their tax return is prepared and filed with the IRS on or before tax day (April 17, 2018), they will discover whether they overpaid or underpaid. In addition, they will learn if they are exempt or not from paying federal income taxes at all. Students learn the basics of preparing Form 1040EZ. If the teacher wishes to reinforce the learning of this part and extend the unit, additional IRS activities are available and cited in this part. Activities using 2017 forms and tax table with answer key includes: calculating adjusted gross income, taxable income, taxes owed vs. refund, reading and understanding the 2017 tax table and more. Students will evaluate a W-2 form and apply the information to a 1040EZ form.
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NICK’S STORY - Nick was an 18-year-old sophomore in my Business Finance class. He came to class and just sat doing nothing and never interacting with others! When we started the income tax unit, Nick engaged and went to work! He completed all activities and requested more. One day, I asked Nick if he had thought about taking accounting next year. He responded that he had not, but the following year – there he was in my Accounting class! Again, Nick enthusiastically and independently sailed through Accounting I, and partially completed Accounting II that year. As a senior, Nick enrolled in our capstone course for seniors – MBA: Get Real!!! He became the Vice President of Finance in the student-run business enterprise. Nick was no longer a faceless student, he had become a class leader and respected decision-maker! Nick graduated and entered college planning to become a CPA! Nick is one of my success stories – Do you have a Nick in your classes?
Then, Financial Literacy: The Money Trail Series
is just what you are looking for! In each part of the series, students will develop a working knowledge of the financial decisions that they need to make now and in the future. The Financial Literacy Parts are reinforcement activities using current research stats that parallel the standards. They are not intended as stand-alone units rather they are interactive activities between the teacher and students.
The Money Trail Series supports the National Standards for Financial Literacy in the following: Earning Income, Buying Goods and Services, Saving Money, Using Credit, Investing, Protecting and Insuring.
Here are the links to all FINANCIAL LITERACY categories where you can find the products that are of interest to you. These links include 24 Chapters and Activities, Instructional PowerPoints for ALL Chapters, Checkpoints (Tests), 3 in 1 Package Deals, Bundles "Galore, and the "Flip of the Die" Budgeting Simulation. For more information, click on these links below:
FINANCIAL LITERACY - Individual Chapters & Activities
FINANCIAL LITERACY - PowerPoints for ALL Individual Chapters
FINANCIAL LITERACY - Checkpoints (Tests)
FINANCIAL LITERACY - 3 in 1 Package Deals (Chapter, Test & PPT)
FINANCIAL LITERACY - Bundles "GALORE"
FINANCIAL LITERACY - FLIP OF THE DIE "`14-Day Budgeting Simulation."
This activity fits nicely with the FINANCIAL LITERACY - "The Money Trail" series. It is a hands-on computerized (EXCEL spreadsheet) unit that reinforces what students learn when they finish or during the "The Money Trail" Parts. Access to computers is essential when teaching this unit. An option could be to use this activity as a final project. "
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