Earning Income
"This topic focuses on income earned or received by people and the various taxes that are assessed on income."
Grade 4
Earning Income 4-1
People have different job choices depending on their knowledge, skills, interests, and experience.
4-1a. List different types of jobs.
4-1b. Discuss the types of knowledge, skills, interests, and experience required for different types of jobs.
Earning Income 4-2
People may be able to improve their ability to earn income by gaining new knowledge, skills, and experience.
4-2a. Give examples of how an individual’s knowledge, skills, and experience could affect their ability to earn income.
4-2b. Brainstorm ways to improve one’s ability to earn income.
Earning Income 4-3
There are different ways to be paid for labor, including wages, salaries, commissions, and tips.
4-3a. Explain why employers pay people for their labor.
4-3b. Describe the difference between wages, salaries, commissions, and tips.
4-3c. Compare how the following individuals are typically paid: food server, teacher, and realtor.
Earning Income 4-4
People can earn income by starting a new business as an entrepreneur or by owning a business.
4-4a. List several businesses they would be interested in owning as an entrepreneur.
4-4b. Name several famous entrepreneurs and their businesses, and hypothesize why they succeeded or failed.
4-4c. Estimate how much income could be earned from a business operated by children (such as a lawn service or lemonade stand).
Earning Income 4-5
People can earn income by lending money or by renting their property to others.
4-5a. List several examples of ways in which people can earn income by lending their money or by renting their property to others.
4-5b. Identify different types of property that can be used by owners to earn rental income (such as apartments, automobiles, or tools).
Earning Income 4-6
Income can be received as gifts or as an allowance for which no specified work may be required.
4-6a. Explain the possible reasons for gifting money to others.
4-6b. Discuss the pros and cons of families/caregivers paying their children a weekly allowance.
Earning Income 4-7
Most income is taxed by the government to pay for government-provided goods and services.
4-7a. Describe examples of government-provided goods and services that are paid for with taxes.
4-7b. Explain why citizens are required to contribute to the cost of fire protection, police, public libraries, and schools.
Grade 8
Earning Income 8-1
Careers are based on working at jobs in the same occupation or profession for many years. Careers vary in their education and training requirements.
8-1a. Discuss the advantages and disadvantages of working in the same occupation or profession for many years.
8-1b. Compare the education and training requirements for at least two careers.
8-1c. Interview a person who is in a career of interest and create a timeline that shows the progression of their education, training, and job experiences.
Earning Income 8-2
People make many decisions over a lifetime about their education, jobs, and careers that affect their incomes and opportunities.
8-2a. Compare the education and training requirements, income potential, and primary duties of at least two jobs available to high school students.
8-2b. Conduct research on a specific career field. Describe the education, job, or career decisions individuals in this field might make over their lifetime and explain how this could affect their income potential and opportunities.
8-2c. Assess personal skills and interests and match them to various career options.
Earning Income 8-3
Getting more education, training, and experience can increase a person’s human capital, productivity, and income-earning potential.
8-3a. Investigate training opportunities that can increase a person’s ability to obtain higher paid employment during high school.
8-3b. Explain why adults with a college education may earn more than adults with no education beyond high school.
8-3c. Discuss how specific skills training can improve a young person’s human capital, productivity, and income-earning potential.
8-3d. Gather data on the average wage or salary for different jobs and explain how they differ by the level of education, job skill, or years of experience.
Earning Income 8-4
Education, training, and development of job skills have opportunity costs in the form of time, effort, and money.
8-4a. Describe the opportunity costs of attending a training course on babysitting, lifeguarding, or first aid.
8-4b. Compare the costs of post-secondary education with the potential increase in income for a career of choice.
8-4c. Explain why families/caregivers might choose to help pay for education and training of younger family members.
Earning Income 8-5
Net income (take-home pay) is the amount left from wages and salaries after taxes and payroll deductions.
8-5a. Differentiate between gross and net income.
8-5b. Identify common types of payroll deductions.
8-5c. Explain how taxes impact take-home pay.
Earning Income 8-6
Social Security is a federal government program that taxes workers and employers to provide retirement, disability, and survivor income benefits for workers or their dependents.
8-6a. Identify the different groups of people who qualify for Social Security benefits.
8-6b. Research the Social Security tax rate for someone who is self-employed vs. someone who is working for an employer.
8-6c. Given information on a worker’s income and today’s Social Security tax rates, calculate what the worker and the worker’s employer will pay in Social Security taxes.
8-6d. Investigate Social Security benefits for people of different income levels at their full retirement age.
Earning Income 8-7
People are required to pay taxes on most types of income, including wages, salaries, commissions, tips, earnings on investments, and self-employment income.
8-7a. Illustrate the relationship between income level and income tax paid.
8-7b. Describe how taxes are paid on tip income.
8-7c. Research the consequences of failing to pay income taxes.
Earning Income 8-8
The government provides income support and assistance for people who qualify based on low income or other criteria.
8-8a. Explain the financial situation addressed by Medicaid and SNAP (Supplemental Nutrition Assistance Program).
8-8b. Give several examples of personal circumstances that qualify for government income support or assistance.
Earning Income 8-9
Entrepreneurs gain satisfaction from working for themselves and expect to earn profits that will compensate for the risks associated with new business ventures.
8-9a. Investigate the motivating factors to being self-employed or working as an independent contractor in the “gig” economy.
8-9b. Discuss why starting a new business could be riskier than other career choices.
8-9c. Research common reasons for new business failures.
Grade 12 (Coming in the future)
Earning Income 12-x