Category: Taxes

Black Friday 2020 Reading List

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Nov 27, 2020
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Economics, Investing, Behavioral Finance, Student Loans, Cryptocurrencies, Taxes
Hope you all had an enjoyable and safe Thanksgiving yesterday! Black Friday Here is one out of the UK to read BEFORE you do any Black Friday shopping, using behavioral economics to explain marketing tactics. (MouthyMoney) While we are on Black Friday—what will it look like? (Probably like Cyber Monday.) (USA Today) And Nathan Burrow of the NYT shares advice on how to avoid overspending on Black Friday. (NYT-subscription) Economics Surprise!? Consumer Confidence fell unexpectedly in...

Virtual Adaptation - FINE PRINT: Pay Stub

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Oct 12, 2020
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Teaching Remotely, Taxes, Career
In the activity FINE PRINT: Pay Stub, students will analyze a sample pay stub to understand its various components and answer a variety of questions. At a time where many schools have transitioned to offering synchronous and asynchronous learning, we’ve listed some adaptations and extension ideas for this activity that may work for your current classroom environment.     Synchronous Environment Ideas: First, take students on a tour of an example pay stub pointing out and...

Interactive Monday: 2 Interactives on State Taxes Show How It's Collected and How It's Spent

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Aug 31, 2020
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Interactive, Taxes
"Pew has an excellent interactive that allows users to compare from one state to another how revenues are collected. This Census Bureau interactive allows users to see how their state spends taxes collected, and compare states. There are lots of possibilities for prompts for this in a personal finance or economics class, such as:  In what ways does your state collect and reallocate tax dollars?  How does that impact you?  How does that impact...

Reading List for August 21-23

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Aug 21, 2020
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Financial Literacy, Economics, Investing, Taxes, Insurance, Paying for College
Financial Literacy Charles Schwab released its Financial Literacy Survey. Here are the highlights: On a scale of 1-100, Americans rated money management (62.9) as the most important skill for kids to learn, edging out the dangers of drugs and alcohol (60.5), healthy eating and exercise habits (58.3), and safe driving practices (57). (BusinessWire) Technology (FinTech) could develop in a way to further divide the financially vulnerable from everyone else, or it could be developed in a way to...

EdPuzzle Thursday: Tax Dollars & Tax Brackets

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Aug 12, 2020
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EdPuzzle Thursday, Taxes
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week we have two EdPuzzle videos both focusing on taxes.  The first EdPuzzle video titled "How Do Your Tax Dollars Get Spent?" explains exactly what areas and programs your federal tax money supports.     ...

Virtual Adaptation - FINE PRINT: W4 Form

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Aug 03, 2020
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Teaching Remotely, Taxes
The W4 Form has been redesigned. According to the IRS, “The new design reduces the form's complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees.”    The activity FINE PRINT: W4 Form allows students to analyze the new W4 Form and understand what information is...

Reading List for July 10-12

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Jul 10, 2020
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Current Events, Employment, Investing, Taxes
Income and Budgeting (pandemic-related) A survey by Bankrate conducted in late June yielded some dire if not unexpected statistics about the impact of the pandemic on incomes. 49% of those polled said the pandemic has negatively impacted their income. Of those negatively impacted, only 17% were back to normal at the time of the survey, and 59% feel it will take longer than three months to recover. 45% were not impacted. This WSJ (subscription) article has lots of great statistics/graphs...

ICYMI: What's New With Taxes for 2020

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Jul 02, 2020
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Taxes
Just prior to the usual April filing deadline, we published a brief update (CARES Act edition) on changes congress made to individual income tax returns for the 2019 tax year. The following information recaps the key changes, and explains a bit more about what has been happening since the last post.   Filing Deadlines (for 2019 returns) One of the biggest changes to taxes (for 2019 only, at least so far), is that the Federal filing deadline for individual 2019 tax returns was moved from...

Virtual Adaptation - CALCULATE: Completing a 1040

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Jun 08, 2020
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Teaching Remotely, Taxes
Taxes can be a tough topic to teach high school students, and even more difficult when you are teaching remotely. However, learning how to file your taxes is an important life skill for all students to learn. The activity CALCULATE: Completing a 1040 requires students to complete a 1040 Form for individuals with a variety of backgrounds and personal situations.  At a time where many schools have transitioned to offering synchronous and asynchronous learning, we've listed some adaptations...

Reading List for June 5-7

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Jun 05, 2020
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Current Events, Economics, Investing, Taxes
Current Events Of Dollars and Data explains the racial wealth gap mentioned in Tim’s post on NGPF yesterday. WaPo tracks the gap back to 1968…and there has been little change.   Economics After Thursday’s news that another 1.9 million people files for unemployment last week (AP), today’s unemployment rate announcement stunned most economists, going down to 13.3% when it was expected to go up as high as 20% (Forbes). The recovery of 2.5 million jobs added from...

Virtual Adaptation: MOVE Activities

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May 11, 2020
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Teaching Remotely, Budgeting, Investing, Taxes
MOVE activities are some of the best NGPF activities to use in the traditional classroom. They require students to apply their knowledge through a fun, out-of-their-seats, whole class challenge. But times are different right now and learning is taking place remotely. So, how can teachers take the context of the MOVE activity and use it in the digital environment? We have created TWO adaptations to THREE of our most popular MOVE activities that you can use in either a synchronous or asynchronous...

Virtual Adaptation - COMPARE: Tax Forms & Their Purpose

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May 04, 2020
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Teaching Remotely, Taxes
Tax forms contain so many letters and numbers that it can be hard for students to keep them straight. COMPARE: Tax Forms & Their Purpose is an activity that has students identify the purpose of a variety of tax forms including the W-2, W-4, 1099, 1040, and I-9. At a time where many schools have transitioned to offering asynchronous and synchronous learning, we've listed some adaptations that might work for your current classroom environment.   ASYNCHRONOUS Learning Environment Ideas:...

Question of the Day: What is the average tax refund received by American workers?

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Apr 14, 2020
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Question of the Day, Taxes
Answer: $2,869 Questions: About 80% of workers receive an income tax refund every year. This means that they pay more in taxes during the year then they need to. This is the reason they get a refund. Why do you think workers do this? Is receiving a refund of nearly $3000 good for American workers? Why or why not? The deadline to file a tax return has been extended to July 15th. If you expect to receive a refund, should you file earlier? Do your parents/guardians typically get an income tax...

What's New With Taxes: CARES Act Special Edition

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Apr 03, 2020
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Taxes
April is Financial Literacy Month, and except for this year, Tax Month! Here are a few tax-implications of the CARES Act that you should know about for 2019 and 2020. This information was taken from the following articles: Don’t Mess With Taxes (Kay Bell) Washington Post    1) Filing and payment date for 2019 taxes has been postponed until July 15.  HOWEVER: Given that the stimulus checks are tied to information from the IRS, specifically your bank account for direct...

Question of the Day: What is the deadline for filing your 2019 tax return?

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Mar 22, 2020
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Taxes, Question of the Day
Answer: July 15, 2020 Questions:  Just like school work, why is it important to know the deadline to file your tax return? What would be your advice for the 73% of tax filers who receive a tax refund? File as soon as possible or wait until July 15th? What would be your advice for the 27% of tax filers who owe the government additional taxes? File as soon as possible or wait until July 15th? What is the typical tax deadline? Click here for the ready-to-go slides for this Question of the...