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Welcome to my math blog! The purpose of this blog is to help you stay informed about our learning and experiences that have taken place during our math class. I have also included links your child (and you) may want to use in order to supplement math learning in 5th grade.

Wednesday, December 6, 2017

Personal Financial Literacy: Income (gross and net) and Payroll Taxes

Bell Ringer:  Christmas Math Mystery Numbers


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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