Day 57 (PF)

LESSONS 4, 5 6 PROJECT–PRESENT

Scenario:

You are going to graduate from college in 1 month in the major of your choice. Good news! You just landed the job you have been hoping for all through college! Now you need to make the following decisions:

  1. Where should I live? What job will I have? How much will I make? (10 points)
  2. What kind of apartment can I afford? (10 points)
  3. What kind of vehicle can I afford? Use the sites: (10 points)
    1. tracecar
    2. carfax
    3. edmonds
  4. What items do I need for my apartment and how much can I afford to spend on those items? (10 points)
  5. When you are done: http://www.thirteen.org/finance/games/index.html

NICK HUENEKE GUEST SPEAKER

Send me an email–tell me at least 1 thing you learned today from Nick.

  1. Get the login sheet for Everfi & create your account
  2. Complete the survey
  3. In the upper right corner click the gear, choose My Profile, and type in your name–first & last
  4. Today you will begin:

MODULE 7–Taxes & Insurance

At the completion of this module you will be able to answer the following questions:

  1. What is tax revenue used for?
  2. What is the difference between sales tax and property tax?
  3. What types of insurance do people use and what are the benefits to having insurance?
  4. How does one pay for insurance?

Module 7 Learning Objectives:

  1. Recognize that the primary purpose of insurance is to mitigate risk
  2. Describe the coverage provided by different insurance types (ex. auto, renters, homeowners, health, disability, and life insurance)
  3. Define common terminology associated with insurance policies (ex. deductible, premium, copay, claim, coverage, policy)
  4. Calculate the cost associated with different insurance policies, based on the deductible and premium amounts.
  5. Explain how insurance companies evaluate policies based on individual risk.
  6. Identify and explain the purpose of common taxes (ex. property, sales, capital gains, state/federal income tax)
  7. Use components of a paystub to answer questions about income and taxation
  8. Identify taxes and other deductions that appear on a typical paystub
  9. Identify and explain the purpose of common tax forms (ex. W-2,W-4, and 1040-EZ)
  10. Practice completing end-of-year tax forms.

HERE IS WHAT YOU NEED TO DO NOW:

  1. Open the PERSONAL FINANCE Google Doc and answer the following questions (you will re-visit them at the conclusion of this unit):
    1. How do you feel about taxes?
    2. Why do you think we have taxes?
    3. What is the purpose and function of taxes in our economy?
  2. Get into Everfi and begin Module 7.
  3. Get the Iowa Department of Revenue Packet from your teacher.
  4. 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.

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:

  1. What is tax revenue used for?
  2. What is the difference between sales tax and property tax?
  3. What types of insurance do people use and what are the benefits to having insurance?
  4. How does one pay for insurance?

Module 7 Learning Objectives:

  1. Recognize that the primary purpose of insurance is to mitigate risk
  2. Describe the coverage provided by different insurance types (ex. auto, renters, homeowners, health, disability, and life insurance)
  3. Define common terminology associated with insurance policies (ex. deductible, premium, copay, claim, coverage, policy)
  4. Calculate the cost associated with different insurance policies, based on the deductible and premium amounts.
  5. Explain how insurance companies evaluate policies based on individual risk.
  6. Identify and explain the purpose of common taxes (ex. property, sales, capital gains, state/federal income tax)
  7. Use components of a paystub to answer questions about income and taxation
  8. Identify taxes and other deductions that appear on a typical paystub
  9. Identify and explain the purpose of common tax forms (ex. W-2,W-4, and 1040-EZ)
  10. Practice completing end-of-year tax forms.

HERE IS WHAT YOU NEED TO DO NOW:

  1. Open the PERSONAL FINANCE Google Doc and answer the following questions (you will re-visit them at the conclusion of this unit):
    1. How do you feel about taxes?
    2. Why do you think we have taxes?
    3. What is the purpose and function of taxes in our economy?
  2. Get into Everfi and FINISH Module 7.
  3. Iowa Income Taxes Intro & Table of Contents: IA Income Tax Packet Intro & Table of Contents
  4. Iowa Counties
  5. IA Tax Tables
  6. WATCH AND DO THIS VIDEO FOR EXAMPLE 1 USING YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 1 Explanation: EProjectMoney 2014 - ProjectMoney 2014 Example 1 Explanation
    2. Get this on the other 1/2 of your screen–Example 1 Documents
  7. WATCH AND DO THIS VIDEO FOR EXAMPLE 2 ON YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 2 Explanation:Student Iowa Income Tax Practice Packet - 2016 Example 2 Explanation
    2. Get this on the other 1/2 of your screen–Example 2 Documents
  8. Do this with a partner: Practice Exercise 1
  9. Do this on your own: Practice Exercise 2
  10. Do this on your own: Student Iowa Income Tax Practice Packet - 2016 Quiz 1
  11. 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. W-4 Form

GUEST SPEAKER–TIM GRADERT

GOAL: Before you leave today you will know how to complete the Iowa Income Tax Form

  1. Iowa Income Taxes Intro & Table of Contents: IA Income Tax Packet Intro & Table of Contents
  2. Iowa Counties
  3. IA Tax Tables
  4. WATCH AND DO THIS VIDEO FOR EXAMPLE 1 USING YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 1 Explanation: EProjectMoney 2014 - ProjectMoney 2014 Example 1 Explanation
    2. Get this on the other 1/2 of your screen–Example 1 Documents
  5. WATCH AND DO THIS VIDEO FOR EXAMPLE 2 ON YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 2 Explanation:Student Iowa Income Tax Practice Packet - 2016 Example 2 Explanation
    2. Get this on the other 1/2 of your screen–Example 2 Documents
  6. Do this with a partner: Practice Exercise 1 follow these instructions to view & fill out the form (if option 1 doesn’t work, option 2 will)
    1.  OPTION 1
      1. When you click the link for Practice Exercise 1, a PDF will open. On the first page click the link to fillable IA 1040.
      2. As soon as the link opens, in the upper right corner click OPEN IN ACROBAT READER
      3. Scroll to the bottom and click the CLEAR button
      4. Use the instructions to complete the tax form.
      5. Print it–TWO-SIDED (flip on the long edge) when you are done–if you were working with a partner, write your name and your partner’s name on  the printout.
    2. OPTION 2
      1. Click the Down pointing arrow  to DOWNLOAD the PDF–it is in the upper right corner
      2. Click the Windows button
      3. Type ACROBAT
      4. Click on either ADOBE ACROBAT X PRO or ADOBE READER
      5. Open the PDF you downloaded
      6. Scroll to the BOTTOM and click CLEAR
  7. Do this on your own: Practice Exercise 2 follow these instructions to view & fill out the form (if option 1 doesn’t work, option 2 will)
    1.  OPTION 1
      1. When you click the link for Practice Exercise 1, a PDF will open. On the first page click the link to fillable IA 1040.
      2. As soon as the link opens, in the upper right corner click OPEN IN ACROBAT READER
      3. Scroll to the bottom and click the CLEAR button
      4. Use the instructions to complete the tax form.
      5. Print it–TWO-SIDED (flip on the long edge) when you are done–if you were working with a partner, write your name and your partner’s name on  the printout.
    2. OPTION 2
      1. Click the Down pointing arrow  to DOWNLOAD the PDF–it is in the upper right corner
      2. Click the Windows button
      3. Type ACROBAT
      4. Click on either ADOBE ACROBAT X PRO or ADOBE READER
      5. Open the PDF you downloaded
      6. Scroll to the BOTTOM and click CLEAR
  8. TAKE THIS QUIZ!! Close all other tabs!! No talking!! 🙂

FINISH TODAY

GOAL: Before you leave today you will know how to complete the Iowa Income Tax Form

  1. Iowa Income Taxes Intro & Table of Contents: IA Income Tax Packet Intro & Table of Contents
  2. Iowa Counties
  3. IA Tax Tables
  4. WATCH AND DO THIS VIDEO FOR EXAMPLE 1 USING YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 1 Explanation: EProjectMoney 2014 - ProjectMoney 2014 Example 1 Explanation
    2. Get this on the other 1/2 of your screen–Example 1 Documents
  5. WATCH AND DO THIS VIDEO FOR EXAMPLE 2 ON YOUR LAPTOP
    1. Get this on 1/2 of your screen–Example 2 Explanation:Student Iowa Income Tax Practice Packet - 2016 Example 2 Explanation
    2. Get this on the other 1/2 of your screen–Example 2 Documents
  6. Do this with a partner: Practice Exercise 1 follow these instructions to view & fill out the form (if option 1 doesn’t work, option 2 will)
    1.  OPTION 1
      1. When you click the link for Practice Exercise 1, a PDF will open. On the first page click the link to fillable IA 1040.
      2. As soon as the link opens, in the upper right corner click OPEN IN ACROBAT READER
      3. Scroll to the bottom and click the CLEAR button
      4. Use the instructions to complete the tax form.
      5. Print it–TWO-SIDED (flip on the long edge) when you are done–if you were working with a partner, write your name and your partner’s name on  the printout.
    2. OPTION 2
      1. Click the Down pointing arrow  to DOWNLOAD the PDF–it is in the upper right corner
      2. Click the Windows button
      3. Type ACROBAT
      4. Click on either ADOBE ACROBAT X PRO or ADOBE READER
      5. Open the PDF you downloaded
      6. Scroll to the BOTTOM and click CLEAR
      7. Use the instructions to complete the tax form.
      8. Print it–TWO-SIDED (flip on the long edge) when you are done, write your name on  the printout.
  7. Do this on your own: Practice Exercise 2 follow these instructions to view & fill out the form (if option 1 doesn’t work, option 2 will)
    1.  OPTION 1
      1. When you click the link for Practice Exercise 1, a PDF will open. On the first page click the link to fillable IA 1040.
      2. As soon as the link opens, in the upper right corner click OPEN IN ACROBAT READER
      3. Scroll to the bottom and click the CLEAR button
      4. Use the instructions to complete the tax form.
      5. Print it–TWO-SIDED (flip on the long edge) when you are done–if you were working with a partner, write your name and your partner’s name on  the printout.
    2. OPTION 2
      1. Click the Down pointing arrow  to DOWNLOAD the PDF–it is in the upper right corner
      2. Click the Windows button
      3. Type ACROBAT
      4. Click on either ADOBE ACROBAT X PRO or ADOBE READER
      5. Open the PDF you downloaded
      6. Scroll to the BOTTOM and click CLEAR
      7. Use the instructions to complete the tax form.
      8. Print it–TWO-SIDED (flip on the long edge) when you are done, write your name on  the printout.
  8. TAKE THIS QUIZ–Close all other tabs!! No talking!! 🙂

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