Lesson Frame:
Lesson:
It is time to move into studying Personal Financial Literacy. I began by having my students add this unit's vocabulary into their math journal. I chose to use the pages from "Personal Financial Literacy for Texas 5th Graders" that I found on TPT.
In an effort to make this a little more fun, I decided to put a Christmas spin on it. To this end, I contacted the people at Santa Update. I asked if they could help me by creating a pay stub for an elf that worked at Santa's Workshop. I am so pleased they were able to help me!
Using this, we discussed income. I explained that it is money that you earn. From there we looked at the elf's earnings. I explained that this was his gross income (we found both the monthly and year-to-date). Next we discussed payroll taxes and I pointed these out on the stub, as well as other deductions incurred. We look at the monthly and year-to-date deductions. The kids were astonished at the amount of money taken! Finally, we discovered the net amount (both monthly and year-to-date). Again, the kids were appalled at the difference between gross and net income!
We also touched on income tax, property tax, and sales tax.
I explained that we will continue to explore these ideas tomorrow when we work with Santa's salary!
Assignment: Countdown 5.1.2
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