Week 3: Taxes and Income

Day 1: Income Types Continued

• Review and expand on the concept of different income types
• Analyze the differences between active income, portfolio income, and passive income
• Explore various sources of income and their characteristics
• Discuss the concept of diversifying income sources

Day 2: Payroll Deductions

• Define payroll deductions and their impact on disposable income
• Differentiate between mandatory and voluntary payroll deductions
• Explore the concept of gross pay versus net pay
• Analyze how payroll deductions affect an employee's take-home pay

Notes     flashcards

Day 3: Payroll Deductions and Disposable Income

• Examine specific examples of mandatory payroll deductions (e.g., federal income tax, FICA)
• Explore voluntary payroll deductions (e.g., retirement plans, health insurance)
• Analyze how different deductions impact disposable income
• Discuss strategies for maximizing disposable income while meeting financial obligations

Notes     flashcards

Day 4: Taxation at Different Government Levels

• Identify the types of taxes levied at local, state, and federal levels
• Explore the purposes of different taxes and how they are used
• Analyze the impact of various taxes on personal finances
• Discuss the concept of progressive taxation and tax brackets

Notes     flashcards     Activities     

Day 5: State and Local Taxes

• Examine specific types of state and local taxes (e.g., sales tax, property tax)
• Analyze how state and local taxes fund government services
• Compare and contrast state and local taxes with federal taxes
• Discuss the concept of tax equity and its application at state and local levels

Notes     Notes answers     flashcards