Students work in the lab on the first parts of the Final Project (link on this page). The Career Summary and Tax Worksheet are due at the end of the class wither February 1 or February 2.
Students reviewed the answers on the Practice Test and took the Chapter 7 Income Tax Unit Test.
Objective: A quick look at 7.5 – longer form 1040, then a review of Chapter 7. The exam on Chapter 7 will be the next class.
Students learned how to complete federal income tax forms 1040 EZ and 1040 A.
Read pages 352-360 in Financial Algebra
Assignment: Financial Algebra, p. 361-364, Problems 3- 11 odd, then 13-15. Use form 1040 EZ for problems 9 and 11. During the second class we will use form 1040A for problems 13 – 15. Tax tables can be found in the instructions for the forms online – google 1040EZ Instructions
Objective: Students will be able interpret orally and in writing the relationship information on a pay stub, W-2 form, and 1099 using correct content vocabulary(gross pay, net pay, take-home pay, paycheck pay stub, withholding tax) with the supports of real-life examples and small groups.
Read pages 344-348 in Financial Algebra
Assignment: Section 7.3, Pg. 349 #2,3,4,6,7,8,10,13
Objective: Students will be able explain in writing the relationship between mathematical (algebraic equations) and the tax computation worksheet tax rate schedule and correct content vocabulary(equations, tax schedule, tax worksheet) with the supports of real-life examples and small groups, tax worksheets, and tax schedules.
Read pages 335 to 339 in Financial Algebra
Assignment: Section 7.2, Pg. 340 #3,4,5,9 and 14
Welcome back to school!
Today we welcomed new students to class. If you are new to Personal Financial Literacy, take a copy of the class syllabus, review it with your parents and return it by Friday, January 10.
Objective: Students will be able express in writing how to compute federal income taxes, using tax tables, tax schedules, and correct content vocabulary(taxable income, tax, single, married filing jointly, married filing separately, head of a household), given the sentence frame with the supports of real-life examples and small groups, tax tables, and tax schedules.
Read pages 328-331 in Financial Algebra.
Assignment: Section 7-1, P. 332 #2 – 6, 9, 11, 14