Webinar Overview Partnership between the Pennsylvania Department of - PDF document

Our Agenda Topic Speaker Webinar Overview and Instructions Hilary Hunt Understanding Taxes Regis Bodnar Earning Income, Professional Information, and Hilary Hunt Additional Information November 13, 2014 Wrap-Up Hilary Hunt w w w . m a k i n g c e n t s p a . o r g ¡ The Making Cents Webinars Webinar Overview � Partnership between the Pennsylvania Department of Education and Pennsylvania State University HILARY HUNT � Part of a series of financial MAKING CENTS PROJECT literacy and economic COORDINATOR education initiatives w w w . m a k i n g c e n t s p a . o r g ¡ Goals of the Making Cents Program Project Partners � Sally Flaherty, Social Studies Advisor, Pennsylvania Department of Education Curriculum Resources � Dr. Cathy Bowen, Professor, Penn State University Content Professional Knowledge Information w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ 1 ¡

Our Agenda Understanding Taxes Topic Speaker Webinar Overview and Instructions Hilary Hunt Understanding Taxes Regis Bodnar REGIS BODNAR Earning Income, Professional Information, and Hilary Hunt Additional Information INTERNAL REVENUE Wrap-Up Hilary Hunt SERVICE w w w . m a k i n g c e n t s p a . o r g ¡ Earning Income, Professional Information, and Additional Thank you, Regis! Information REGIS BODNAR HILARY HUNT INTERNAL REVENUE MAKING CENTS PROJECT SERVICE COORDINATOR Model Financial Education Curriculum Model PK-12 Financial Education Curriculum � Big Ideas (PK–12) and Modules (HS course) � Money Management � Earning � Borrowing Money � Financial Services � Risk Management and Insurance � Saving and Investing w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ 2 ¡

Earning Income – Big Idea Earning Income – Essential Questions � Earning capabilities over a lifetime are maximized by � What impacts a person’s earning potential over a career planning, education, and job choices. lifetime? � How do people develop a career plan? � What factors do people consider when accepting a job? � What determines personal tax liability and take home pay? w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ Earning Income - Overview Earning Income - Objectives � In this module, students learn about � At the end of this module students will be able to independently use their learning to: � education and training requirements for various careers � the process of gaining employment � Analyze career opportunities and income potential tied to � compensation and taxes ones interests, aptitudes, and desired standard of living including entrepreneurship. (6.5.12.A, 15.6.12.D, 13.3.11.D, � Students will 13.4.11.A) � develop a career plan through research and reflection � Develop a career plan with accompanying education requirements. (15.2.5.F, 15.2.12.F, 15.2.8.F) w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ Earning Income - Objectives Earning Income – Focus Standards � At the end of this module students will be able to � 6.5.12.A Analyze the factors influencing wages. � 11.1.12.E Compare and contrast factors affecting annual gross and taxable income and independently use their learning to: reporting requirements (e.g., W-2 form, Income tax form). � 13.1.11.A Relate careers to individual interests, abilities, and aptitudes. � Demonstrate skills to gain employment (i.e., complete a � 13.1.11.B Analyze career options based on personal interests, abilities, aptitudes, standard job application; create a resume, cover letter, and achievement and goals. follow up letter; demonstrate interview skills). (15.2.12.G) � 13.1.11.E Justify the selection of a career. � 13.1.11.F Analyze the relationship between career choices and career preparation � Compare factors that affect personal tax liability and take opportunities, such as, but not limited to: associate degree, baccalaureate degree, home pay. (11.1.12.E, 15.1.12.M, 15.1.12.Y, 15.6.12.E) certificate/licensure, entrepreneurship, immediate part/full time employment, industry employers. (15.8.8.Q) training, military training, professional degree, registered apprenticeship, tech prep, � Compare compensation plans including benefits offered by vocational rehabilitation centers. � 13.1.11.G Assess the implementation of the individualized career plan through the ongoing development of the career portfolio. � 13.2.11.C Develop and assemble, for career portfolio placement, career acquisition documents, such as, but not limited to: job application, letter of appreciation following an interview; letter of introduction, postsecondary education/training applications, request for letter of recommendation, resume. w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ 3 ¡

Earning Income – Focus Standards Earning Income – Focus Standards � 13.2.11.D Analyze, revise, and apply an individualized career portfolio to chosen career path. � 15.1.12.M Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate. � 13.3.11.A Evaluate personal attitudes and work habits that support career retention and � 15.1.12.Y Determine and calculate taxable income and tax liability for both personal and advancement. business taxes. � 13.3.11.D Develop a personal budget based on career choice, such as, but not limited to: charitable contributions, fixed/variable expenses, gross pay, net pay, other income, savings, � 15.2.5.F Discuss the costs associated with post-secondary education. taxes. � 15.2.8.F Analyze financial options and costs associated with post-secondary education. � 13.3.11.F Evaluate strategies for career retention and advancement in response to the � 15.2.12.F Evaluate various methods for financing a post-secondary education. changing global workplace. � 15.2.12.G Analyze and complete an application (e.g., job, scholarship, financial aid, post- � 13.3.11.G Evaluate the impact of lifelong learning on career retention and advancement. secondary) in a focused and effective manner. � 13.4.11.A Analyze entrepreneurship as it relates to personal career goals and corporate � 15.6.12.D Develop criteria to evaluate employment options. opportunities. � 15.6.12.E Assess the purpose, source, and impact of various taxes. � 15.8.8.Q Discuss employee compensation plans for various careers. w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ Earning Income – Misconceptions and Proper Conceptions Earning Income – Important Standards Misconceptions Proper Conceptions � 13.4.11.B Analyze entrepreneurship as it relates to personal 1. Students believe that if they work Potential income is determined by a 1. character traits. harder, they will make more money. variety of factors in addition to hard work 2. Students underestimate the factors that (i.e., economic conditions, job demand, � 16.1.12.A Evaluate emotional responses in relation to the impact their ability to get a job typically networking, skill level, etc.). impact on self and others at home, school, work, and considering only their skills, grades, and Credit score, irresponsible content on 2. work ethic. social media, and attendance record can community. 3. Students lack an understanding of the also affect your employability. labor market and frequently believe that � 16.1.12.B Demonstrate personal traits leading to positive Other factors that can affect 3. the more education they get, the more compensation are experience, economic relationships and life achievements. money they will earn down the road. conditions, and geographic area. 4. Students underestimate their level of � 16.1.12.D Incorporate goal setting into college, career, and Students have many personal and 4. experience that can be mentioned when educational experiences transferable to other life decisions. applying for a job. workplace skills. 5. Students sometimes view all taxes as Taxes are necessary for public services 5. bad and serving little purpose. and infrastructure. w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ Earning Income - Concepts Earning Income - Competencies � Career plan � Analyze a career goal and develop a plan and timetable for achieving it. � Earning income � Investigate and present the educational/training � Net pay requirements, lifetime income potential, and � Taxes primary duties of at least two jobs of interest. � Hypothesize the future income needed to maintain a desired standard of living. � Analyze and calculate net pay. � Explain the purposes of tax-related forms and complete samples. w w w . m a k i n g c e n t s p a . o r g ¡ w w w . m a k i n g c e n t s p a . o r g ¡ 4 ¡