Earning Income
"This topic focuses on income earned or received by people and the various taxes that are assessed on income."
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