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Income

Income. Money received on a regular basis for work or through investments. Essential Questions. What are some ways to earn an income? How can a person improve their income making potential? Copy the EQ’s into your diary/journal. They will be needed later. Relevant vocabulary. Paycheck

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Income

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  1. Income Money received on a regular basis for work or through investments

  2. Essential Questions • What are some ways to earn an income? • How can a person improve their income making potential? Copy the EQ’s into your diary/journal. They will be needed later.

  3. Relevant vocabulary • Paycheck • Taxes • Income tax • State Income tax • Insurance • Payee • Product • Service • Supply • Demand • Workforce

  4. Yes or NoWrite yes if you agree and no if you disagree. • Income is money you earn from performing a job/service. • Your paycheck is part of your salary. • You can earn an income from investments. • A person with a high school diploma is more likely to earn a larger income than those with a college degree (BS). • Borrowing money from others is a source of income.

  5. Sample Pay Stub

  6. Earning an income On a separate sheet of paper: • Brainstorm with your neighbor ways adults can earn an income. • Brainstorm some ideas with your neighbor ways you as young people can earn an income? • What might be some unusual ways to earn an income? • What are some factors that effect ones ability to earn an income?

  7. Ways to earn an Income • Freelance work (work outside your normal job) • Sell items • Turn a hobby into a business • Buy and resell things. • Coaching • Create apps • Cut lawns

  8. Education and Income Investigate the relationship between education and income. Go to the Bureau of Labor Statistics to answer these questions. • What is the average weekly earnings of: • a person without a high school diploma? • a person with only a high school diploma? • a person with some college, but no degree? • a person with an associate's degree? • a person with a bachelor’s degree? • a person with a professional degree? • a person with a doctorate?

  9. Career paths Research Look at this list of occupations with the highest earnings, regardless of the training required. Go to America's Career InfoNet. • What did you notice about the education requirements of these high-paying occupations? • Did more education seem to correlate with more income? • What job would you choose. • What level of education do you want? • Why do you think that people are willing to go to school for so many years?

  10. Task • Complete the Pay stub handout. • Complete the career handout. You will need to select a career and look up the average or entry level salary. Record this in your journal/diary. • In your diary/journal answer your two EQ questions.

  11. Resources • http://www.econedlink.org/lessons/docs_lessons/113_part21.html • http://www.econedlink.org/lessons/index.php?lid=113&type=educator • http://lessonplancentral.com/lessons/Economics/Income/ • http://www.themint.org/teachers/budgeting-your-financial-resources.html • Taxes- http://www.forbes.com/sites/kellyphillipserb/2013/01/15/irs-announces-2013-tax-rates-standard-deduction-amounts-and-more/

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