Income and Taxes

The student will learn about income and taxes.

Teaching Objectives

  •  Identify the different kinds of payroll deductions, including taxes and benefits.
  •  Explain the difference between gross and net income.
  •  Compute net income.

Standard 1.1  The student will describe the importance of earning an income and
explain how to manage personal income using a budget.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Just because the employer says you will earn $10 an hour or $20,000
a year does not mean that you have all of that money in your
weekly or monthly paycheck. Part of your earnings will go to pay
state and federal taxes, and those taxes are deducted from the
amount you receive. Other payroll deductions—such as insurance,
retirement or other employee benefits—are also deducted from your

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Categories Earning Money,

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