IMPORTANT: At the end of every class, please email me describing how far you got today and what you learned. This will be graded periodically. Use 3-5 sentences.
MODULE 7–Taxes & Insurance
At the completion of this module you will be able to answer the following questions:
- What is tax revenue used for?
- What is the difference between sales tax and property tax?
- What types of insurance do people use and what are the benefits to having insurance?
- How does one pay for insurance?
Module 7 Learning Objectives:
- Recognize that the primary purpose of insurance is to mitigate risk
- Describe the coverage provided by different insurance types (ex. auto, renters, homeowners, health, disability, and life insurance)
- Define common terminology associated with insurance policies (ex. deductible, premium, copay, claim, coverage, policy)
- Calculate the cost associated with different insurance policies, based on the deductible and premium amounts.
- Explain how insurance companies evaluate policies based on individual risk.
- Identify and explain the purpose of common taxes (ex. property, sales, capital gains, state/federal income tax)
- Use components of a paystub to answer questions about income and taxation
- Identify taxes and other deductions that appear on a typical paystub
- Identify and explain the purpose of common tax forms (ex. W-2,W-4, and 1040-EZ)
- Practice completing end-of-year tax forms.
HERE IS WHAT YOU NEED TO DO NOW:
- Open the PERSONAL FINANCE Google Doc and answer the following questions (you will re-visit them at the conclusion of this unit):
- How do you feel about taxes?
- Why do you think we have taxes?
- What is the purpose and function of taxes in our economy?
- Get into Everfi and begin Module 7.
- Get the Iowa Department of Revenue Packet from your teacher.
- TEST: Review the pre-questions at the beginning of this unit. Re-answer each of the questions using red font AFTER your initial response (do not delete your initial answer) given the knowledge your gained during this lesson.