Introduction to Turbo Tax and Financial Fitness for Life Pt.1 Lesson Plan

This lesson plan, presented by Ruben A. Rivera, Director of Professional Development at the Council for Economic Education, focuses on teaching financial education using Turbo Tax and exploring the importance of taxation for students in grades 9-12. The agenda includes activities like a Kahoot quiz, understanding gross income, net income, tax rates, and deductions. Resources from the IRS and a simulated Turbo Tax account setup are provided for an interactive learning experience.

• Financial education
• Taxation
• Lesson plan
• Student resources
• Turbo Tax

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1. Introduction to Turbo Tax and Financial Fitness for Life Pt. 1 Council For EconomicEducation Presentedby RubenA Rivera DirectorofProfessionalDevelopment November7th2019 Lesson Plan Title

2. Agenda Introduction (3 min) Overview of the materials and Kahoot activity (10 min) Financial Fitness For Life: Uncle Sam Takes a Bite (20 min) EconEdLink lesson plan using Intuit TurboTax (15 min) Additional materials and resources to teach taxation (5 min) Importance of taxation for 9-12 (5 min) Q&A (2 min) Lesson Plan Title

3. Introduction Director for Professional Development at the Council for EconomicEducation Over ten years experience in teaching financial education and personal finance Designed and developed college and career readiness materials for high school students and afterschool programs. Business teacher at the Urban Assembly Institute of Math and Science for YoungWomen. Fifteen years experience as a tax preparer Lesson Plan Title

4. Overview of Materials and Resources Completely up-to-date content that includes real-world situations All content is aligned to the latest personal finance and common core standards All student resources, including slides and exercises from lesson plans are made available on EconEdLink s FFFL9- 12 Collection Coming soon: Lesson plan activities delivered through educational technology tools, including Kahoot! and Quizlet, ready for you to use for free in EconEdLink s FFFL9-12 collection Lesson Plan Title

5. Overview of Materials and Resources Resources from the IRS (including lesson plans, units, and materials). Intuit Turbo Tax simulation. (Account set up for our for part 2 of our webinar). Sample work from educators on FFFLUncle Sam Takes a Bite lesson. Handouts for the lesson Lesson Plan Title

6. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Objective Students will be able to: Describe the difference between gross income and net income. Identify some of the common types of benefits provided by employers. Calculate marginal tax rates. Differentiate between standard deductions and itemized deductions. Lesson Plan Title

7. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are all These Deductions from My Paycheck? (pg. 36) Exercise 7.2: What sY our Bracket? (pg. 39) Exercise 7.3: Tax-Saving Strategies (pg. 42) Exercise 7.4: Is it better to get a Tax Refund or to have have fewer taxes withheld? (pg. 45) Note: I will send you the exercises on a PDF. Lesson Plan Title

8. Kahoot Assessment Kahoot is an application, software, or website that helps you create, engage, and share information. It s flexible, simple, diverse, fun, and global. It can be accessed through phones, tablets, or any computer device. It s FREE! Y ou can document progress based on the retention of information. Lesson Plan Title

9. Kahoot Assessment Visit KAHOOT.IT to register Lesson Plan Title

10. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are allThese Deductions from My Paycheck? Scenario: At some point a student will become employed. 40 hours a week X $10 = $400 Gross income: $400 Lesson Plan Title

11. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are all These Deductions from My Paycheck? Gross income: $400 - Deductions Net Pay Lesson Plan Title

12. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are all These Deductions from My Paycheck? What are deductions? Federal Income Tax (Paid by the employee) State Tax (Paid by the employee) Local Tax (Paid by the employee) FICATax (Paid by employee and employer) MedicareTax (Paid by employee and employer) Lesson Plan Title

13. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are all These Deductions from My Paycheck? What are other types deductions? Life Insurance Long-Term Disability Medical Insurance Dental Insurance Retirement Savings Plan Charity Lesson Plan Title

14. Lesson 7: Uncle Sam Takes a Bite Exercise 7.2: What s a T ax Bracket? Tax brackets show you the tax rate you will pay on each portion of your income. For example, if you are single, the lowest tax rate of 10% is applied to the first $9,525 of your income in 2018. ... The progressive tax system ensures that all taxpayers pay the same rates on the same levels of taxable income. Marginal Tax Rates: Amarginal tax rate is the rate at which tax is incurred on an additional dollar of income. In the United States, the federal marginal tax rate for an individual will increase as income rises. This method of taxation, referred to as progressive taxation, aims to tax individuals based upon their earnings, with low-income earners being taxed at a lower rate than higher income earners. Lesson Plan Title

15. Lesson 7: Uncle Sam Takes a Bite Exercise 7.2: What s a T ax Bracket? Lesson Plan Title

16. MARGINALTAX BRACKET PROBLEM 1.0 What is the tax bill for someone with taxable income of $50,000? Find the tax bracket : What is the tax due? Lesson Plan Title

17. MARGINALTAX BRACKET PROBLEM 1.0 What is the tax bill for someone with taxable income of $50,000? Find the tax bracket : $4,453.50 + 22% of the amount over $38,700 $50,000 - $38,700 = $11,300 .22 X $11,300 = $2,486 $4,453.50 + $2,486 = $6939.50 (T ax Due) Lesson Plan Title

18. What is the effective tax rate? 13.8% How? T ax due / T axable Income = 0.13879 Lesson Plan Title

19. Lesson 7: Uncle Same Takes a Bite Exercise 7.2: What s a T ax Bracket? Lesson Plan Title

20. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.3: T ax-Savings Strategies Lowering T axable Income Maximizing RetirementAccounts Opening an IRA Keeping good financial Records

21. Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.4: Is it better to get a T ax Refund or to have have fewer taxes withheld? Exploring a 1040 form Federal T ax T ables

22. EconEdlink.org Turbo Tax lesson in collaboration with Intuit

23. EconEdlink.org Lesson Link: https://www.econedlink.org/resources/int ro-to-turbotax-simulation/?view=student

24. Additional Materials and Lessons IRS.GOV https://apps.irs.gov/app/understandingTaxes/teacher/index.jsp

25. Value of Teaching Taxation Taxation is a life skill FAFSA Applications College and Career Readiness English Language Learners IndividualTaxIdentificationNumber (ITIN).

26. Adjourn Q&A

27. Resources https://apps.irs.gov/app/understandingT axes/teacher/index.jsp https://www.uttyler.edu/ceefl/files/Fin-Fitness-7-T eacher.pdf http://fffl.councilforeconed.org/documents/978-1-56183-696-3-visual-lesson-07.pdf https://studylib.net/doc/9785473/7-uncle-sam-takes-a-bite https://prezi.com/urgwgapaluvd/lesson-7-uncle-sam-takes-a-bite/

28. RRIVERA@Councilforeconed.org Join us for the How to Integrate Financial Fitness for Life and Mint Simulation on Nov. 19 2019 Join us for the second part of our FFFL taxation using TurboTax webinar on January 8th2020