Practice

George works as a customer service representative and earns $33,000 per year after taxes.  He has two savings accounts; one at a credit union and the other at a local bank.  These accounts provide him with interest of $135 and $105 interest respectively.  George just recently purchased a new car and owes $400 per month for his car payment.  The car insurance company charges $185 per month and he estimates his upkeep and maintenance will cost him $50 a month.  George rents a one bedroom apartment in a choice location for $950 per month.  His utility bills cost him $225 per month.  In addition, George pays $65 per month to park his car in a secured lot.  George pays $125 per month for the latest iPhone and $125 for the Comcast Triple Play.  His medical and dental insurance plans cost him $175 each per month.  He shops frequently and spends $150 per month on clothes and $200 per month on groceries.  Georges uses $125 of gasoline each month and uses $80 for dining out.  He estimates his miscellaneous monthly expenses are $150.

Sonny Letter Review

Directions

1. Review your letter to Sonny.
2. Identify all comments that apply to your letter.
3. Copy and paste the comments that apply to the bottom of your letter.
4. Revise your letter to make it amazing!
5. When you have finished, please finalize your Baby Budget Poster.

Sonny Advice Letter Comments 

1. Organize your multiple ideas into multiple paragraphs (1 main idea per paragraph).
2. Watch out for run on sentences.
3. How can calculating the percentages spent on each category better convince Sonny to follow your advice?  Implement these calculations when necessary.
4. How does your recommended control system work?  Can you provide a description of what this may look like for Sonny?
5. Check your spelling and grammar (sometimes even spell check misses errors). 
6. You convinced me to review some items in my budget!  
7. You may want to be nicer to Sonny; its only his first time budgeting.
8. Great job!  Sonny is lucky to have you!
9. With some revision, this will be the best letter of advice ever!
10. Feel free to ask for help if you need it.  I will gladly meet with you during a Tribe Time to help you with this composition.

Baby Budget

EQ - How does a person's budget change throughout life?

1. Activator: Partnership Quiz
2. Baby Budget Project
1. Complete the Graphic Organizer
2. Follow the steps of budget planning and allocate expenses to categories
3. Create a shareable (Canva.com) to show your budget

Budgeting Practice

George works as a customer service representative and earns $33,000 per year after taxes.  He has two savings accounts; one at a credit union and the other at a local bank.  These accounts provide him with interest of $135 and $105 interest respectively.  George just recently purchased a new car and owes $400 per month for his car payment.  The car insurance company charges $185 per month and he estimates his upkeep and maintenance will cost him $50 a month.  George rents a one bedroom apartment in a choice location for $950 per month.  His utility bills cost him $225 per month.  In addition, George pays $65 per month to park his car in a secured lot.  George pays $125 per month for the latest iPhone and $125 for the Comcast Triple Play.  His medical and dental insurance plans cost him $175 each per month.  He shops frequently and spends $150 per month on clothes and $200 per month on groceries.  Georges uses $125 of gasoline each month and uses $80 for dining out.  He estimates his miscellaneous monthly expenses are $150.

Intro to Unit 4

EQ - How are income and expenses classified?

EQ - How is a budget created?

1. Activator - Chalk Talk
1. What do adults pay for on a monthly basis?
2. White Board Groups - Estimations
2. Mini Lesson - Cash Flows
3. Spending Plan - Advanced Organizer
4. Spending Plan - PowerPoint
• Classifying Income and Expenses  (LEQ 1)
• Spending Plan Development Process (LEQ 2)
• Components of Spending Plans  (LEQ 2)
• Identifying Spending Plan Components (LEQ 1 & 2)
5. TOD 
• List the steps of creating a spending plan.
• Muddy Points

Federal Income Taxes

EQ - How do I prepare a tax return?

1. Activator: Costs of doing taxes
2. Vocabulary Preview - The Language of Taxes
3. Start Here
4. Simulation 1 - W-4
5.  Simulation 2 - W-2
6. Simulation 3 - W-2 & 1099 INT - 1040EZ 
7. 1040EZ Form 
8. Tax Table
9. 1099-Int Form
10. Table Quiz - Key Terminology
11. Completing a 1040EZ

Day 1

1. Cost of Doing Taxes
2. Language of Taxes
3. Timeline
4. Review and Complete the W-4
5. Introduction to the W-2
6. Introduction to the 1040EZ
7. Class Collaboration - Tax Return Attempt #1

Day 2

1. 1040EZ Components Quiz
2. Collaborative Pairs - 1040EZ with 1 W-2
3. Discussion of impact of multiple jobs
4. Introduction to Interest Income
5. Collaborative Pairs - 1040EZ with 2 jobs and Interest Income

Day 3

1. Q&A 
2. Individual Quiz
3. Study Guide Development
4. Test Next Class

Day 4 

1. Unit 3 Exam

FORMS

W-4

W-2

1040EZ

Interest Income

Tax Table/Instructions
I-9

Minimum Wage Laws

EQ - How do current minimum wage laws affect your pay?

1. Activator: LINK
1. List - TPS- What do you know about minimum wage?
2. Inquire - TPS - What questions can be formed from this list?
3. Read "The Impact of $9 Minimum Wage"
2. Collaborative Groups - Discussion - What's the big deal about minimum wage?
1. Note - Make Notes about your discussion.  Look for answers to our inquiry questions, connections to what you already know or heard about in our discussion, and new questions that arose as you read.
2. Know -  Write a short explanation (140 characters or less) of what you now know about minimum wage.
3. TPS - Minimum Wage Pay Calculations
1. Review calculations
2. Annual take home pay for a person earning minimum wage.
4. Discussion - How has your understanding of minimum wage changed as a result of the reading and discussion?
5. Muddy Points - What elements of minimum wage are you still working to understand?

PART 2
EQ - How do current minimum wage laws impact an individual's personal finances?

1. Activator - Homework Recap
1. Know -  Write a short explanation (140 characters or less) of what you now know about minimum wage.
2. Discussion - How has your understanding of minimum wage changed as a result of the reading and discussion?
3. Muddy Points - What elements of minimum wage are you still working to understand?
2. Developmental Activity - Can You Survive?
1. TPS - Before you begin
1. Explain your opinion of a job that will pay your $9/hr.
2. Would you be able to provide for yourself at this hourly rate?
2. The Experience - Can You Survive?
3. TPS - What was this experience like for you?
4. Has your perception changed?  Why or why not?
3.  Additional Reading - Federal Minimum Wage Laws
4. Assessment - Compose a letter to your state representative
1. Identify your state rep.
2. Discuss the minimum wage debate
3. Propose a recommendation for how your rep should vote on minimum wage law changes
4. Provide evidence to support your recommendation

WHEN FINISHED:

EQ - How do I prepare a tax return?

1. Activator: Costs of doing taxes - Answer as a comment to this post (select anonymous, type your first name and then your response)
2. Vocabulary Preview - The Language of Taxes - Take notes in your class notebook
3. Start Here - Complete Modules 1-13

Getting Paid - Hybrid

EQ - What is the difference between gross and net pay?

1. Activator - Survey Discussion
2. Direct - Calculating Pay
1. Difference between Gross Pay and Net Pay
2. Net Pay Calculations
3. Collaboration - Federal Income Taxes
1. Where Do My Federal Income Taxes Go?
2. Visual Creation
4. Independent - Payroll Terminology
1. Actively Read - "Open Ended Response"
1. Open Ended Response
1. Preview the question
2. Read the article
2. Identifying Key Vocabulary
1. Gross Pay, Net Pay, Wages, Taxes, Deductions
5. Debriefing
1. Previewing a Paystub - Click Here
2. Discussion - How are your taxes used?
6. TOD - Knowing the effect of deductions from your paycheck, how might this impact you when you begin financial planning using SMART Goals?

IF TIME PERMITS - Continue next class
EQ - Where do my federal tax dollars go?

1. Activator - Voice Your Opinion
1. What 3 expenditures do you deem to be the most important?  Why?
2. What 3 expenditures do you deem the most frivolous?  Why?
3. What tax allocation did you find the most surprising? Explain.
4. What changes did you make?
5. How sustainable was your budget?
6. What was your budget deficit/surplus?
2. Class Discussion
3. Assignment
1. Compose a response to answer the EQs
1. Find the assignment in Schoology
2. Describe your opinion on how our federal income taxes are dispersed.
3. Do you think the allocation is appropriate? Why or why not?
4. If you could change anything regarding how tax dollars are spent, what would you change?  Explain.
5. Submit to Schoology