Students learn a lesson about 401(k) plans, also referred to as 401K, their tax benefits, employer matching, and how they grow with compound interest in this essential retirement savings guide. They explore what a 401(k) is and how it helps save for retirement.
The lesson covers the benefits like tax advantages, employer matches, and the power of compound interest. Students also understand the basics of 401(k) contributions, including limits and conditions for withdrawal. This information helps them make informed decisions about starting and growing their retirement savings early, taking full advantage of employer benefits and pre-tax contributions to secure their financial future.
CONCEPTS
Use this video lesson on the topic of 401(k)s. Learn basic related concepts of
Retirement Savings
Tax Benefits
Employer Matching
Investment Growth
Saving and Investing
Tax Planning
Employment Benefits
Risk Management
Financial Planning
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
Students learn a lesson about stagflation, its definition, causes, and effects on their daily life and finances. In this overview, viewers will explore the economic condition where stagnant growth meets rising inflation.
The lesson covers the definition of stagflation, its causes such as supply shocks and policy missteps, and the personal consequences like higher living costs and fewer job opportunities. It also includes essential strategies for managing money and personal finances during these challenging times, such as securing income, investing wisely, budgeting effectively, and implementing saving tips. This content is crucial for anyone aiming to comprehend how economic trends can impact their financial stability and lifestyle directly. Economics 101.
CONCEPTS
Use this video lesson on the topic of stagflation. Learn basic related concepts of
Job Security
Income Diversification
Budget Management
Investment Planning
Saving and Investing
Risk Management
Income and Careers
Spending and Saving
Financial Decision Making
Risk and Return
Savings Strategies
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Understanding Stagflation
Objective:
To understand the concept of stagflation, its causes, and its effects on the economy and individual financial decisions.
To explore historical examples and discuss strategies for managing personal finances during periods of stagflation.
Materials Needed:
Access to the “What is Stagflation?” video
Whiteboard and markers
Handouts with discussion questions and activity instructions
Computers or tablets for quiz (optional)
Class Structure:
Introduction (5 minutes)
Video viewing (15 minutes)
Discussion (20 minutes)
Group Activity (15 minutes)
Wrap-up and Homework Assignment (5 minutes)
Activities:
Introduction:
Briefly introduce the topic of stagflation.
Explain the importance of understanding economic conditions and their personal impacts.
Video Viewing:
Watch the video “What is Stagflation?” as a class.
Encourage students to take notes on key points mentioned in the video.
Discussion:
What are the main characteristics of stagflation?
Discuss the causes of stagflation mentioned in the video and any additional factors students might think of.
How does stagflation impact individual financial decisions?
Explore the strategies mentioned for managing finances during stagflation.
Group Activity:
Divide the class into small groups.
Each group will choose a historical period of stagflation and research its causes, effects, and how it was managed.
Groups will prepare a short presentation to share their findings with the class.
Wrap-up and Homework:
Summarize the day’s learning and answer any remaining questions.
Assign students to write a brief essay on how they would personally manage their finances during a period of stagflation, using information learned from the video and class discussion.
Assessment:
Conduct a quiz based on the video content to ensure understanding of the key concepts of stagflation.
Students learn about the ins and outs of Individual Retirement Accounts (IRAs) and their crucial role in financial planning for retirement. In our guide, we delve into the key differences between Traditional and Roth IRAs, including their unique tax advantages, eligibility requirements, and how they can be effectively utilized for long-term savings.
Traditional IRAs offer the benefit of tax-deductible contributions but require taxes on withdrawals in retirement, while Roth IRAs feature tax-free withdrawals, providing a valuable option for those anticipating a higher tax rate in the future. Through straightforward explanations, students will understand how to select the most suitable IRA type based on their current financial situation and future income projections. Emphasizing the significance of early contributions to maximize the power of compound interest, the guide also explores the broader context of retirement planning, incorporating IRAs into a comprehensive strategy. Furthermore, it clarifies the rules surrounding IRA contributions and distributions, highlighting exceptions that permit early withdrawals without penalties, thereby offering flexibility in managing retirement savings.
CONCEPTS
Use this video lesson on the topic of IRAs. Learn basic related concepts of
Retirement Planning
IRA Basics
Tax Advantages
Investment Choices
Saving
Investing
Spending
Risk Management
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
Objective: By the end of this lesson, students will be able to explain what an IRA is, differentiate between Traditional and Roth IRAs, understand the tax benefits and eligibility requirements of IRAs, and make informed decisions about saving for retirement.
Materials Needed:
“What is an IRA?” video
Quiz based on the video content
Lesson Duration: 1 hour
Instructional Plan:
Introduction to IRAs (10 minutes): Begin the lesson with a brief overview of IRAs and their importance in financial planning. Highlight the significance of starting early and the impact of compound interest over time.
Video Viewing (20 minutes): Watch the “What is an IRA?” video together. Encourage students to take notes on the different types of IRAs, their tax advantages, eligibility requirements, and contribution limits.
Discussion (15 minutes): Facilitate a class discussion on the video content. Use guided questions to prompt critical thinking and personal reflection.
What are the main differences between a Traditional IRA and a Roth IRA?
How do tax benefits for IRAs work, and why are they advantageous?
Why might someone choose one type of IRA over the other?
How does compound interest affect the growth of IRA contributions over time?
Discuss the importance of starting retirement savings early.
Activities (10 minutes): Divide students into small groups and assign each group to create a simple plan indicating how they would start saving for retirement using IRAs. Encourage them to consider factors like their current age, expected retirement age, and whether they would opt for a Traditional or Roth IRA.
Quiz (5 minutes): Conclude the lesson with a short quiz based on the video to assess students’ understanding of IRAs.
Follow-Up Activities:
Assign students to use an online IRA contribution calculator to explore how different contribution amounts and frequencies can impact their retirement savings.
Encourage students to interview a family member or friend about their retirement planning and whether they use an IRA.
Additional Resources:
IRS website for up-to-date information on IRA contribution limits and eligibility
Financial planning websites for tools and calculators related to IRAs and retirement planning
Students learn a lesson on the fundamentals of bank accounts, exploring the differences between checking and savings accounts, and understanding the pivotal role these accounts play in wise money management and achieving financial independence. This lesson on bank accounts introduces learners to the essentials of how bank accounts operate, including the distinct advantages of checking and savings accounts.
Key themes discussed are the safety and convenience of handling finances through these accounts, the accessibility of funds via debit cards at any time, and how interest rates contribute to the growth of savings. Furthermore, the curriculum emphasizes the significance of financial independence and the effective management of finances as crucial steps towards realizing personal ambitions and dreams. This educational content is designed to be engaging and straightforward, making the complex subject of banking accessible and enjoyable for students, thereby encouraging them to make well-informed decisions when choosing the bank account that best fits their financial needs and goals.
CONCEPTS
Use this video lesson on the topic of bank accounts. Learn basic related concepts of
Money Management
Saving Strategies
Financial Security
Earning Income
Saving
Spending
Investing
GRADE LEVEL
7-12th grades. Middle School. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Understanding Bank Accounts
Lesson Objective:
Students will understand the basics of bank accounts, including the differences between checking and savings accounts, the benefits of using a bank account, and how to choose the right account for their needs. They will also learn about the importance of keeping their bank information secure.
Materials Needed:
“What is a Bank Account?” video
Quiz on the video content
Handouts with key terms and definitions
Access to online banking websites for research (optional)
Introduction (10 minutes):
Start with a discussion about students’ current understanding of bank accounts.
Show the video “What is a Bank Account?”.
Discussion Questions (15 minutes):
What are the main differences between a checking account and a savings account?
Why might someone choose to use a bank account instead of keeping cash at home?
How can a debit card be a useful tool for managing your finances?
What are some benefits of saving money in a savings account?
How can you keep your bank account secure?
Activity 1: Role-Playing (20 minutes)
Divide the class into small groups. Each group will role-play a scenario where they need to choose the best bank account for their needs, based on different life situations provided by the teacher (e.g., a student saving for college, someone starting their first job, etc.).
Activity 2: Bank Account Feature Comparison (15 minutes)
Students will use handouts or online resources to compare different bank accounts. They will look for features like fees, minimum balance requirements, interest rates, and online banking options. Each student will then choose an account they believe best fits their needs and explain their choice to the class.
Conclusion (5 minutes):
Summarize the key points covered in the lesson. Emphasize the importance of making informed decisions about managing money and the role of bank accounts in financial planning.
Homework Assignment:
Students will take a quiz based on the video to test their understanding of the concepts discussed. They are also encouraged to discuss with their families about the type of bank accounts their families use and why.
Additional Resources:
Handouts with a glossary of banking terms and their definitions.
Links to websites for further reading on bank accounts and financial literacy.
Students learn about shrinkflation and its impact on personal finance with guidance from the Cookie Monster. This lesson provides an easy-to-understand guide on how shrinkflation affects everyday products like cookies, paper towels, and cereal, offering strategies for maintaining your budget without sacrificing your favorite snacks.
Understand the phenomenon of getting less for the same price, an issue that has captured the attention of figures such as the President and the Senate, thanks to advocacy from cultural icons like Cookie Monster. Explore effective consumer awareness techniques to spot product downsizing, demand price transparency, and get the best value for your money.
CONCEPTS
Use this video lesson on the topic of shrinkflation. Learn basic related concepts of
Consumer Awareness
Price Value
Smart Shopping
Product Quantity
Ethical Consumption
Spending and Saving
Buying Goods and Services
Financial Decision Making
Financial Responsibility
GRADE LEVEL
7-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
Students learn a lesson about the Supplemental Nutrition Assistance Program (SNAP), often referred to as food stamps, and its critical role in supporting Americans’ health and financial well-being. This lesson covers the essentials of SNAP, including eligibility requirements, benefits, and the application process. It emphasizes how SNAP helps a diverse group of recipients—from students to families—maintain a healthy diet affordably. Participants are introduced to the Electronic Benefits Transfer (EBT) card, a key tool for purchasing essential food items such as fruits, vegetables, meat, and dairy.
Additionally, the lesson addresses the stigma associated with SNAP and underlines its importance in providing security, health, and the opportunity to pursue personal dreams. By understanding how SNAP serves as a vital support during challenging times, students learn how the program ensures that everyone has access to the nutritious food they need.
CONCEPTS
Use this video lesson on the topic of SNAP and Government Assistance Programs. Learn basic related concepts of
Budgeting
Saving
Investing
Career Planning
Earning Income
Buying Goods
Using Credit
Financial Decision Making
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Understanding SNAP
Objective: By the end of this lesson, students will be able to explain the purpose of SNAP, identify who is eligible for the program, and understand how it supports individuals and families in maintaining a nutritious diet.
Materials Needed:
Video titled “What is SNAP?”
Internet-connected device for video playback
Lesson Duration: 45 minutes
Lesson Outline:
Introduction (5 minutes): Begin with a brief discussion on the importance of nutrition and the challenges some people face in accessing healthy food. Introduce SNAP as a government program designed to help.
Video Viewing (15 minutes): Show the video titled “What is SNAP?”. Encourage students to take notes on key points, especially on how SNAP works, eligibility criteria, and its importance.
Discussion (10 minutes): Facilitate a discussion using guided questions:
What misconceptions exist about SNAP and the people who use it?
How does SNAP contribute to an individual’s ability to focus on their studies or job?
Why is it important for students and young adults to be aware of programs like SNAP?
Activity (10 minutes): Divide students into small groups. Each group creates a scenario where a person or family might need to apply for SNAP. They should discuss how SNAP would benefit this person/family and present their scenario to the class.
Quiz (5 minutes): Conclude the lesson with a short quiz to assess students’ understanding of SNAP, its eligibility criteria, and benefits. Use a quiz platform to facilitate this.
Discussion Questions:
How can SNAP impact someone’s daily life and future prospects?
In what ways does SNAP address food insecurity and its consequences?
Discuss the importance of reducing the stigma associated with using SNAP. How can society contribute to this?
Homework Assignment: Write a reflection essay on the role of government programs like SNAP in ensuring food security and nutrition. Consider including personal stories or hypothetical scenarios to illustrate points.
Further Reading/Resources: Provide a list of resources where students can learn more about SNAP, its application process, and stories from those who have benefited from the program.
Students learn a lesson on the shift towards dynamic pricing in the fast food industry, with a focus on Wendy’s innovative strategy. This lesson explains how Wendy’s uses demand-based pricing, similar to airlines and ride-sharing apps, to adjust meal costs. It highlights the reasons for this shift, such as enhancing customer service and efficiency, and discusses its impact on price affordability and dining convenience.
The lesson also touches on the technology behind these changes and how other industry players like McDonald’s and Coca Cola in Japan are adopting similar trends. Through this overview, students understand how dynamic pricing could affect their dining experiences, offering insights into saving money and the broader implications for fast food consumption.
CONCEPTS
Use this video lesson on the topic of Budgeting and Saving Money. Learn related concepts of
Savings Strategies
Debt Management
Buying Goods
Using Credit
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Dynamic Pricing in Fast Food
Objective: To understand the concept of dynamic pricing and its implications in the fast food industry, focusing on Wendy’s experimentation with surge pricing.
Materials Needed:
Video: “Dynamic Pricing: Why Your Wendy’s Meal Might Cost More (or Less)!”
Access to internet and a projector for video playback
Quiz based on the video content
Handouts with discussion questions
Lesson Duration: 50 minutes
Lesson Outline:
Introduction (5 minutes)
Briefly explain the concept of dynamic pricing.
Introduce the video and its relevance to the current fast food industry trends.
Video Viewing (15 minutes)
Play the “Dynamic Pricing: Why Your Wendy’s Meal Might Cost More (or Less)!” video.
Ensure all students are focused and taking notes if necessary.
Discussion (15 minutes)
Break the class into small groups and distribute the handouts with discussion questions.
Encourage students to share their thoughts and insights on dynamic pricing and its potential effects on consumer behavior.
Activity (10 minutes)
Engage students in a role-play activity where some are customers and others are restaurant managers deciding on pricing strategies.
Discuss the challenges and benefits of implementing dynamic pricing from both perspectives.
Quiz (5 minutes)
Conclude the lesson with a short quiz to assess understanding of dynamic pricing principles and specific details from the Wendy’s case study.
Discussion Questions:
How does dynamic pricing work, and why is Wendy’s testing this model?
What are the potential benefits and drawbacks of dynamic pricing for consumers?
How might dynamic pricing affect fast food workers and operational efficiency?
Do you think dynamic pricing will become the new norm in the fast food industry? Why or why not?
How do personal values and consumer rights intersect with the concept of dynamic pricing in fast food?
Homework Assignment:
Write a one-page reflection on how dynamic pricing could affect your personal dining habits and whether you support this trend.
This lesson teaches students about the basics of Social Security and its role in their future financial planning. It provides a comprehensive overview of how Social Security works, including the impact of payroll tax contributions on future benefits. Students will discover the importance of incorporating Social Security into their retirement strategies and learn how early career planning can influence their financial stability in the future.
The lesson also addresses concerns regarding the sustainability of Social Security and underscores the importance of diversifying retirement savings through 401(k)s, IRAs, and investments in stocks and bonds. By understanding the mechanics of Social Security and its significance in the broader context of financial planning, students are better equipped to make informed decisions that secure their financial future.
CONCEPTS
Use this video lesson on the topic of Social Security. Learn basic tax and related concepts of
Social Security Basics
Retirement Planning
Payroll Taxes
Financial Planning
Income & Careers
Saving & Investing
Risk Management
Financial Decision Making
Earning Income
Using Credit
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
After watching the video, ask students to summarize the main points made in the video.
Lesson Plan: Understanding Social Security
Objective:
To provide students with a comprehensive understanding of Social Security, including its purpose, how it is funded, and its impact on individuals’ financial planning for the future.
Materials Needed:
Video: “What is Social Security? Tax Contributions and Benefits”
Whiteboard and markers
Printed worksheets for activities
Lesson Duration:
60 minutes
Introduction (10 minutes):
Briefly explain the concept of Social Security.
Discuss the importance of understanding financial planning from an early age.
Video Viewing (20 minutes):
Watch the video “What is Social Security? Tax Contributions and Benefits”.
Pause at key moments to clarify and answer any immediate questions.
Discussion (15 minutes):
What is Social Security and why is it important?
How is Social Security funded?
How do contributions affect future benefits?
Why should young people be concerned about Social Security?
Discuss the sustainability of Social Security and the importance of diversified retirement planning.
Activity (10 minutes):
Students will break into small groups to discuss and list actions they can take now to prepare for their financial future.
Each group will share their list with the class.
Quiz (5 minutes):
Conduct a short quiz based on the video and the discussion to reinforce the concepts covered.
Questions will cover key points such as the definition of Social Security, funding mechanisms, and the impact of contributions on future benefits.
Closure (5 minutes):
Summarize the key points discussed in the lesson.
Emphasize the importance of early financial planning and understanding Social Security.
Homework:
Students will research additional retirement saving options beyond Social Security and prepare a brief report on one option.
In this comprehensive lesson, students will be equipped with the necessary skills to accurately complete the 2023 IRS Form 1040 for the upcoming 2024 tax season, ensuring they are well-prepared to navigate the complexities of individual tax filing. The lesson is designed to demystify the tax filing process and clarify the various sections of the form, including income reporting, deductions, credits, and how to calculate tax liability or refunds.
To facilitate learning, the lesson features an in-depth video tutorial that offers detailed, step-by-step instructions on how to fill out each part of the form. This visual guide is aimed at breaking down complex tax concepts into understandable segments, making it accessible for learners with varying levels of tax knowledge.
Accompanying the video tutorial is a comprehensive lesson plan that includes additional resources, practice exercises, and real-life scenarios to reinforce understanding. The lesson plan also provides key terminology, common pitfalls to avoid, and tips for maximizing potential refunds or minimizing tax liability.
Furthermore, students will engage in interactive discussions and Q&A sessions to address any uncertainties and ensure a deep comprehension of the tax filing process. By the end of this lesson, students will not only know how to complete the IRS Form 1040 confidently but also gain a broader understanding of the importance of tax compliance and how it affects their financial well-being. This holistic approach ensures that learners are thoroughly prepared to tackle their tax filings, making the often daunting task of tax preparation a more manageable and less stressful experience.
CONCEPTS
Use this video lesson on the topic of filling out the 1040 tax form. Learn basic tax and related concepts of
Taxes
Tax Filing
IRS
Income
Dependents
GRADE LEVEL
9-12th grades. High School. Adult Education.
TIME REQUIRED
30-45 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students. More in-depth lesson plan below will be longer.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. For a more in-depth lesson, complete the lesson plan below.
Examples of tax-related documents such as W-2 forms, 1099 forms, and receipts for charitable donations or business expenses
Sample data for practice:
A W-2 form showing $40,000 of wages and $500 of state tax withheld
A 1099-INT form showing $500 of interest income
A 1099-DIV form showing $1,000 of dividend income
Receipts for $500 of charitable donations, $2,500 of state and local taxes, and $3,000 of mortgage interest
Example Information:
Student’s name: John Doe
Social Security number: 123-45-6789
Filing status: Single
Wages, salaries, tips: $22,000
Interest Income: $1,000
Dividend Income: $500
Federal income tax withheld: $2,500
Bank account information for direct deposit:
Account number: 1234567890
Routing number: 111000025
Example 2:
Student’s name: Jane Smith
Social Security number: 123-45-6789
Filing status: Head of Household
ages, salaries, tips: $45,000
Rental Income: $5,000
Adjustments to Income: $3,000 (Alimony paid)
Federal income tax withheld: $6,300
Bank account information for direct deposit:
Account number: 9876543210
Routing number: 111000025
Introduction (15 minutes):
Begin by reviewing the importance of paying taxes and the role they play in funding government programs and services.
Introduce the 1040 tax form and its purpose. Explain that the form is used to report an individual’s income, deductions, and credits to the IRS.
Have the students watch the video and answer the worksheet questions. Provide students with a brief overview of the different sections of the form and what information they will need to gather in order to complete it.
Highlight the importance of accuracy and completeness when filling out the form to avoid errors and potential penalties.
Direct Instruction (45 minutes):
Review the different sections of the 1040 tax form, including personal information, income, deductions, and credits.
Discuss the types of income that must be reported, such as wages, salaries, tips, interest, and dividends.
Explain the difference between itemized and standard deductions and provide examples of each. For example, itemized deductions include expenses such as mortgage interest, state and local taxes, and charitable donations, while the standard deduction is a set amount that can be claimed by taxpayers who do not itemize their deductions.
Discuss common tax credits, such as the Earned Income Credit and Child Tax Credit. Explain how these credits can lower the amount of taxes owed.
Guided Practice (45 minutes):
Provide students with a sample 1040 tax form and instructions.
Provide them with the sample data and relevant tax-related documents such as W-2 forms, 1099 forms, and receipts for charitable donations or business expenses.
Have students work in pairs or small groups to fill out the form using the provided examples.
Provide assistance as needed and allow students to ask questions.
Point out key information to look for on the different documents, such as the taxpayer’s name, social security number, and income amount.
Independent Practice (30 minutes):
Provide students with their own 1040 tax form and instructions.
Have students complete the form independently, using their own tax-related documents if they have them.
Provide a deadline for submitting the completed form for review.
Closure (10 minutes):
Review the key concepts covered in the lesson, such as the purpose of the 1040 tax form, types of income that must be reported, and deductions and credits that can be claimed.
Answer any remaining questions and provide feedback on the completed forms.
Remind students of the importance of accuracy and completeness when filling out the form, and encourage them to seek assistance if they have any questions or concerns.
Assessment:
Observe students during independent practice to ensure they are accurately and efficiently filling out the 1040 tax form. Review completed forms for accuracy and provide feedback.
Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.
This lesson teaches students how inflation and interest rates impact your daily life and budget, based on the latest Consumer Price Index (CPI) report. It covers the effects of inflation on various aspects of daily budgeting, from grocery shopping to managing household expenses.
The lesson also explores practical strategies for stretching your dollar further amid rising costs, understanding how interest rates affect loans and savings, and deciphering the implications of the CPI report for future financial planning. This lesson provides essential tips and knowledge for navigating the challenges of inflation and interest rate fluctuations in today’s economy.
CONCEPTS
Use this video lesson on the topic of inflation and budgeting. Learn related concepts of:
Interest Rates Impact
Savings Strategies
Earning Income
Buying Goods/Services
Using Credit
Saving
Financial Investing
Financial Decision Making
Risk Management
Economic Principles
Money Management
Consumer Rights/Responsibilities
GRADE LEVEL
6-12th grades. High School. College. Adult Education.
TIME REQUIRED
45-60 minutes. Adjust the lesson plan and allocate time to certain topics based on the needs and interests of the students.
PROCEDURE
Hand out the worksheet below (see the GET LESSON button near the bottom of the page).
Show students the video and have them complete the worksheet. Review the questions on the worksheet. A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.
After watching the video, have students tell what the most important things they learned from the video.
Lesson Plan: Unexpected Inflation | Navigating Higher Prices on a Budget
Objective: To equip students with the knowledge to understand and navigate the effects of inflation and interest rates on their personal budgets, especially during times when costs are rising unexpectedly.
Materials Needed:
Access to “Unexpected Inflation | Navigating Higher Prices on a Budget”
