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Module 9
Taxes & Income
Everyone tells you that saving is critical for the future and that investing is a way to build true wealth, but what about investing in yourself?
Education is an asset because it helps increase your potential earnings throughout your life-time! This module explores how we can finance things like college to make them more accessible and elevate your future career earnings!
Module At A Glance
Grade Levels:
9th -12th
Est. Length:
2-4 Hours (21 slides)
Activities:
5 Activites
Articles:
8 Articles
Languages:
English & Spanish
Curriculum Fit:
Math, Business, Economics, CTE, Social Studies
Standards Alignment:
CEE National Standards, Jump$tart National Standards & Relevant State Standards
Guiding Questions
- What happens when I get my first job and receive my first paycheck?
- Are there different types of income and do they have different tax rates?
- What are different ways to lower my taxable income?
- What happens if I don’t pay my taxes?
- How does the economy impact your career & ability to switch jobs?
- What is opportunity cost and how can it impact the way you make decisions?
- Is college worth the investment to earn more?
Enduring Understandings
- Taxes are an inescapable part of earning income, and it’s important to pay them or else you can face fines and considerable jail time.
- Capital gains taxes are considerably lower than income taxes.
- Avoiding taxes is illegal and you can go to jail for tax evasion if you do not pay up!
- Investing in yourself by developing new skills and obtaining higher education pays off.
- Sometimes switching jobs can be the best choice for your career.
- Donating to charity is just one way you can lower your taxable income.
Module Vocab & Key Topics
Investing
The act of allocating money or capital to an asset or endeavor with the expectation of generating a return on investment (ROI). Investing aims for long-term wealth accumulation.
Savings
Money set aside for future use, often stored in a low-risk, easily accessible account like a savings account. Unlike investing, savings don't typically generate significant returns.
Income Tax
Taxes levied by the government on the money earned by individuals or businesses. Income tax is a primary source of revenue for the government.
Capital Gains Tax
Taxes on the profit made from selling an asset like stocks, real estate, or other investments. Capital gains tax rates are usually lower than income tax rates.
Gross Income
The total amount of money someone earns before any taxes or deductions are applied. It includes wages, bonuses, dividends, and other sources of income.
Net Income
The amount of money left after all taxes and expenses have been deducted from gross income. Net income reflects the true earnings that can be spent or saved.
Tax Evasion
The illegal act of deliberately not paying taxes owed to the government. Tax evasion can result in hefty fines and imprisonment.
Tax Basis
The initial value of an asset for tax purposes, usually the purchase price, which is used to calculate capital gains or losses.
Realized Gains
Profits from investments that have been sold. Realized gains are subject to capital gains tax.
Unrealized Gains
Potential profits from investments that are still owned. Unrealized gains are not taxed until the asset is sold.
Payroll Deductions
Amounts subtracted from an employee's paycheck for various reasons, including taxes, insurance, and retirement contributions. Understanding payroll deductions helps in budgeting.
Chartiable Donation
Giving money, goods, or time to a non-profit organization. Charitable donations may be tax-deductible, reducing one's taxable income.
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The information contained on this website and from any communication related to this website is for information purposes only. Rapunzl Investments LLC (Rapunzl) does not hold itself out as providing any legal, financial or other advice. Rapunzl also does not make any recommendation or endorsement as to any investment, advisor or other service or product or to any material submitted by third parties or linked to this website. In addition, Rapunzl does not offer any advice regarding the nature, potential value or suitability of any particular investment, security or investment strategy. The material on this website does not constitute advice and you should not rely on any material in this website to make (or refrain from making) any decision or take (or refrain from making) any action. All investment, borrowing or tax decisions should be made with the advice of an appropriately qualified and licensed advisor.
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