Category: Taxes

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...

Reading List for March 20-22

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Mar 20, 2020
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Current Events, Investing, Economics, Paying for College, Taxes
Dealing with our new reality—here are articles that you may find helpful. USA Today came up with this article to help kids come to terms with what is going on. The food supply is secure. No need to hoard groceries. While there will be shortages of some products as adjustments are made, like food that was going to restaurants will find its way to grocery channels, if anything, production is gearing up. (NYT) Jean Chatsky has been on NBC news affiliates today with her financial advice for...

Reading List for March 13-15

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Mar 13, 2020
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Current Events, Investing, Career, Taxes
Coronavirus The World Health Organization declares the Coronavirus is now a pandemic. This past week, we saw the worst day on Wall Street since 1987 on Thursday (NYT), and worst week since 2008. As I write this, markets are bouncing back, but the day isn't over yet.  Neil Irwin in his Upshot article explains the troubling phenomenon with this financial crisis: all asset classes are down.  Listen to him on MarketPlace Morning report recapping the crazy week. (listen to the 3/13/20...

Question of the Day [Updated]: What percent of tax returns are audited by the I.R.S.?

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Mar 10, 2020
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Question of the Day, Taxes, Research
Questions: Why do you think the percentage of returns that get audited is so low? Explain your reasoning. Why do you think that taxpayers are so afraid of being audited? Is their fear warranted? Do you think that low audit rates can contribute to more taxpayers "cheating" on their tax returns? Why or why not? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Accounting Today) Most taxpayers envision Internal Revenue...

Chart of the Week: What are the sources of state tax revenue?

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Mar 10, 2020
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Chart of the Week, Taxes
Hat tip to Jessica for finding this resource on howmuch.net regarding state taxes.    Questions: What are the top 5 sources of state taxes?  Are you surprised by any of these taxes that are collected and the amounts? Which of the state taxes do you think you will pay at some point in your life?  What is the sales tax in your area?  --------------------- Thanks to NGPF super intern Ansh for compiling the last 20+ Charts of the Week in this document. ...

EdPuzzle Thursday - TAXES: How Tax Brackets Actually Work

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Mar 04, 2020
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EdPuzzle Thursday, Taxes
Want to assign videos with built-in questions? We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  In this week's EdPuzzle video, your students will learn how tax brackets actually work. Interested in more EdPuzzle videos? Visit our Video Library and type in "EdPuzzle" into the search bar at the top to view the rest of our EdPuzzle videos!  Note: You do NOT need to...

Question of the Day: For every $1 of corporate income taxes collected, the U.S. government collected $___ from individuals?

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Mar 02, 2020
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Taxes, Question of the Day
Answer: $7.39 Individual income taxes = 1.7 trillion Corporate income taxes = $230.2 billion  Questions: What’s the single largest source of taxes for the U.S. federal government?  What are the two payroll taxes that make up the category “social insurance” taxes? Hint: One has “social” in its name.  The number of workers employed in the U.S. has grown over the past few years. Which tax categories would be impacted by this employment growth? ...

Chart of the Week: How does monthly take-home pay vary in major U.S. cities?

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Feb 17, 2020
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Taxes, Chart of the Week
Hat tip to Jessica for finding this chart at Howmuch.net Methodology: Take-home pay calculated after deductions for federal and state income taxes and Social Security/Medicare taxes.  Questions: Since federal taxes are consistent across all of these cities, the difference in take-home pay is driven by differences in state income tax rates. What is the difference between the cities with the highest take-home pay and the cities with the lowest take-home pay (in dollars)?  A $100,000...

Reading List for January 31-Feb 2

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Jan 31, 2020
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Personal Finance, Behavioral Finance, Budgeting, Paying for College, Taxes, Insurance
Happy Super Bowl Weekend!  In case you missed this week's FinCap Friday, Credit Crunch details how the FICO methodology will impact millions of consumers.  Personal Finance/Financial Literacy This article from the NY Times “Smarter Living” section got some attention this week in social media. “Does Personal Finance Still Work in our changing Economy?” contains a great discussion of the findings of the book The Financial Diaries (Rachel Schneider and Jonathan...

Question of the Day: What does the average household pay in real estate property taxes annually?

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Jan 27, 2020
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Taxes, Question of the Day
Answer: $2,279 How does your state rank (click here for the details behind the map)? Questions: How does your state rank when it comes to real estate property taxes?  If you are a renter, do property taxes matter since the property owner pays them? Explain your answer. Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (WalletHub):  Depending on where you live, property taxes can be a small inconvenience or...

QoD: How many states do not have state income taxes?

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Jan 15, 2020
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Question of the Day, Taxes
Did you know that most people have to file tax returns for BOTH federal AND state income taxes? Listed below are 7 states that do not (as of 1/10/2020) have state income taxes.  Answer: 7: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming Find the top tax rate for your state here:  Note: Tennessee and New Hampshire tax investment income.  Questions: How does your state's tax rate compare to other neighboring states?  Do you think that states that...

ICYMI: Best of 2019...NGPF Product Releases

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Dec 29, 2019
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Taxes, Activity, Budgeting, Interactive, Activities
Our December newsletter highlighted the NGPF new product launches from 2019 (there were 12 of them!). Thank you to all the educators who tell us what they need as that drives what we build!  Here's a ranking of the 2019 product releases (with links to product release email in case you missed it the first time):  Infographics To Start The School Year Top NGPF Resources: One Page Guides New NGPF Arcade Game: Shady Sam Revamped Semester Course Just-In-Time: Updated Taxes Unit...

Last Reading List for 2019!!

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Dec 20, 2019
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Personal Finance, Budgeting, Credit Scores, Investing, Paying for College, Taxes, Retirement
Many of the articles this week have a common theme: reflecting on the 2010’s as the decade comes to a close. Wishing you all a joyful holiday season and hope you enjoy your well-deserved break!   Personal Finance Do you think the Social Security Administration should mail out statements annually, or let people log on and check themselves? (WAPO) Time again for New Years Resolutions: Here is a list from AICPA of 20 things you should consider doing to keep your financial life in order....

Reading List for October 18-20

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Oct 18, 2019
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Current Events, Financial Literacy, Cryptocurrencies, Student Loans, Financial Scams, Career, Budgeting, Taxes
Financial Wellness Rather than focusing on life events, banks are now basing their products and marketing on everyday financial decisions, getting into the financial wellness business. (The Financial Brand) Is your credit card debt making you sick? A detailed study by CarefulCents.com finds the answer if “yes.” (PRNewswire)   Economics/ Crypto-Currency Here is an article from The Economist that discusses the demise of cash across the world’s economies. (For more detail...