Unit 5Wages and Total Compensation – 2 weeks
The reasons for federal income taxation, social security and medicare;

Identify sources of income – wages, salaries, interest, rent, dividends, and capital gains;

Compare common employee benefits;

Calculate gross, net pay, and taxable income, and payroll deductions;

Contrast independent contractor and employee earnings, taxes, tax forms and required benefits;

Calculate minimum wage, overtime, income from tips, exempt and non-exempt status;

Calculate the impact of paying with after-tax dollars versus pre-tax dollars;

Analyze total compensation for employee and self-employed and explain how compensation is more than what is reflected in a paycheck;

Analyze how economic conditions can affect income and career opportunities and the need for lifelong training and education.

Quiz

 

Unit 6Income Taxes – 3 weeks
What Income is taxable?

Calculate federal income taxes, gross, and net, using filing status, personal exemption, standard deduction, itemized deductions and completing 1040EZ and 1040;

Calculate tax on capital gains and interest;

Compare marginal tax rates to effective income tax rates and the misuse of these terms in advertising;

Describe the relationship between education tax credit, student loan interest, dependency, filing status, and income tax liability;

Calculate tax treatment penalty for early withdrawal;

Research and locate options for tax return preparation such as software programs and tax preparation providers.

Quiz

Unit 5Wages and Total Compensation – 2 weeks
The reasons for federal income taxation, social security and medicare; Identify sources of income – wages, salaries, interest, rent, dividends, and capital gains; Compare common employee benefits; Calculate gross, net pay, and taxable income, and payroll deductions; Contrast independent contractor and employee earnings, taxes, tax forms and required benefits; Calculate minimum wage, overtime, income from tips, exempt and non-exempt status; Calculate the impact of paying with after-tax dollars versus pre-tax dollars; Analyze total compensation for employee and self-employed and explain how compensation is more than what is reflected in a paycheck; Analyze how economic conditions can affect income and career opportunities and the need for lifelong training and education. Quiz

Unit 6Income Taxes – 3 weeks
What Income is taxable? Calculate federal income taxes, gross, and net, using filing status, personal exemption, standard deduction, itemized deductions and completing 1040EZ and 1040; Calculate tax on capital gains and interest; Compare marginal tax rates to effective income tax rates and the misuse of these terms in advertising; Describe the relationship between education tax credit, student loan interest, dependency, filing status, and income tax liability; Calculate tax treatment penalty for early withdrawal; Research and locate options for tax return preparation such as software programs and tax preparation providers. Quiz