Income & Taxes Unit Plan- Personal Finance Edition

Want additional Personal Finance Materials? Check out our Personal Finance Semester Course, where this unit plan is included!

• Unit can be taught in the classroom or online
• Google, Windows, & Mac-friendly!
• All documents are editable to meet your classroom needs.
• Meets National Business Education Association Standards and ISTE Standards

This unit plan covers Income & Taxes in personal finance for grades 7-12. Students will understand deductions, net pay, benefits, and incentives with demonstrations and applications. They will also be able to analyze and research job availability, income, earnings, and gross pay. With demonstrations and application, students will have knowledge of taxes, tax brackets, w-2, 1040s, and filing a tax return.

Students will be able to:

• Identify various ways people earn a living and differentiate between earned and unearned income along with identifying sources of unearned income (e.g., transfer payments and gifts)
• Differentiate between gross and net income
• Identify an investigate benefits as a component of total income
• Explain the various types of taxes and their impact on purchasing power
• Identify types of income other than wages (e.g., interest, rent, and profit) that people earn from their resources
• Describe the different types of taxes (e.g., progressive, regressive, and proportional)
• Explore potential tax deductions and credits on a tax return
• Calculate personal tax liabilities for various types of taxes (e.g., property, income, sales, FICA, and Medicare) and net pay
• Explain the impact of taxes on personal financial planning
• Describe information and required forms relevant to the completion of state and federal income tax forms

This unit is infused with technology, real-world application and is designed to be engaging and rigorous. It is the perfect unit for any business class.

This unit plan is conducted through lectures, engaging activities, group-paced instruction, and discussion. Assignments range from a mix of daily assignments, time, projects graded on effort/attempt, unit tests, and a project graded on overall appearance and completion of given requirements.

Included:

• Unit Plan with Daily Instructions
• PowerPoint with stopping points to deepen students' knowledge of the content
• Student Graphic Organizer & Answer Key
• SMART Goals 3-Part ActivityPart Activity
• Calculation Taxes 5-Part Activity
• Tax Return Scenarios 3-Part Project with Rubric
• Test Quizlet Review Game
• Test & Answer Key

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