unit 4: income, taxes and giving. examine the charts, graphics, and reading excerpts in chapter 11:...

Chapter 11: Careers and Taxes

Unit 4: Income, Taxes and Giving

Explore Examine the charts, graphics, and reading

excerpts in Chapter 11: Careers and Taxes.o Make a list of questions you would like to have

answered as we go through the chapter.

Introduction WB: Before You Begin, pgs. 224-225

o Review the Learning Outcome objectives and Key Terms

Journal: 1. What are your interests?2. What are your career goals?3. How would you describe yourself?4. Describe your ability to work as part of a team.

Self-AssessmentSection 1

Consider This Video 1.1 (3 minutes): Consider This when

Choosing a Career

Journal: 1. What are some of your personal strengths and

weaknesses?

Discussion Questions What are some important things to focus on

when choosing a career?o Consider what you’re naturally good at; consider

what your hobbies and interests are; invest time in making your career choice rather than fixing it later; salary is not the most important factor; the market is constantly changing and so will you—that’s normal!

What are some good ways to find out if a career is right for you?o Get experience in that field by volunteering, job

shadowing, or getting a part-time job; ask lots of questions.

Activity Activity

o www.vawizard.com

Consider This Video 1.2 (11 minutes): How to Stay Positive

Journal:1. Write down what your negative voice says

about you. Refuse that voice with the truth and share it with others.

Homework: Interview a family member about their career and education choices.

Discussion Questions What is Jon’s advice for dealing with your

“negative voices”?o Write them down, refute them with truth, share

them with others.

What is personal branding?o Personal branding is the process of identifying your

skills, experiences and strengths and marketing those in a way that leverages your education and personal attributes for success.

DISC Personality Profile Video 1.3 (10 minutes): You Never Outgrow

Who You Are

Journal: 1. Which careers compliment your passions and

strengths?

Activity DISC and Career

Match

FoundationsU.como Chapter Activitieso Chapter 11o DISC Profile

What Kind of Job Do You Want After Graduation?

Goal SettingSection 2

Goal Setting Video 2.1 (9 minutes): Goal Setting

Journal: 1. Describe a recent goal you set for yourself.2. What did you do to make reaching that goal a

success?

Discussion Questions How can you make your goals clear and

actionable?o Make sure your goals are measureable, specific,

are written down, and have time limits.

What’s the best way to go about achieving long-term goals?o Long-term goals should be broken into smaller steps.

What does it mean to write goals in the positive and not the negative?o You should focus on what you’re going to achieve,

not what you’re going to give up.

Goal Setting

Discussion

Some experts say the average adult in the United States makes

35,000 decisions per day!

What types of decisions do you make each day?

What are some of the factors that determine the choices you make?

Analyzing Decisions

Decision: Choosing one option over another

Consequence: The result of your decision.

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Decision Making Process:1. Identify the decision to be made 2. Consider all possible options 3. Identify the consequences of each

option4. Select the best option5. Make and implement a plan of action6. Evaluate the decision, process, and

outcome

The Consequences of Decisions

Stress

Long-term & short-term consequences

Positive and negative results

You can learn how to make good decisions

Rely on your values, standards, and ethics

Decisions should not interfere with the well-being of yourself and/or others.

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Discussion What type of goals do you set for yourself in the

following areas?

1. Home:

2. School:

3. With friends:

4. In your community:

5. At work:

6. As a consumer:

Some goals are subconscious (set without awareness)

Setting Goals

A goal is something you are trying to achieve.

Process to identify, assess, and set goals:1. Identify the goal2. Assess whether the goal is something you really

want3. Make a plan for achieving the goal4. Write down your specific action plan for achieving

the goal5. Periodically reevaluate your goals

Short-term VS long-term goals1

Solving Problems

A problem is a difficulty that you must resolve before you can make progress. It is a barrier or obstacle that stands between you and a goal.

Six Steps to a Solution:1. Identify the problem2. Consider all possible solutions3. Identify the consequences of each solution4. Select the best solution5. Make and implement a plan of action6. Evaluate the solution, process, and outcome

1

Thinking Critically

Honest: acknowledge selfish feelings & pre-existing opinions.

Rational: relying on reason and thought instead of emotion.

Open-minded: willing to evaluate all possible options—even if they’re unpopular.

Critical thinking can help you evaluate your options in many situations. When you think critically, you are honest, rational, and open-minded about your options.

1

Are Emotions Always a Problem?

This photo is intended to illustrate how emotions can cloud your ability to make reasonable decisions.

Why is it important to control your emotions?

Telephone Game Starting at the beginning of the room, the

teacher will give the first student a sentence that is to be relayed around the room.

Rules: o Each person can say the message ONE time, with

no repeats!o The speaker must whisper so that no one else

can hear the message.

Goal: For the message to go around the entire room without being changed.

Communicating

1. Be clear2. Speak slowly3. Be personal4. Be positive5. Get to the point6. Actively listen to the response7. Think before you respond

Communication is an exchange between a sender and a receiver; should be open and honest.

1

Communicating Verbal communication is the exchange of

messages by speaking or writing.

Nonverbal communication helps put words into context.

o Toneo Eye Contacto Facial Expressionso Gestures

When you write, you lose some of the context, which can make communication less effective.

Active Listening and Asking For and Giving Help

Active listening is an important part of effective communication. You pay attention to the speaker, and make sure you hear and understand the message.o Eye contact o Positive body languageo Let the other person finish speaking before you

respondo Ignore distractionso Set preconceived opinions asideo Repeat the message out loud to make sure you

understood the person correctly.1

Active Listening and Asking For and Giving Help

Active listening is a sign of respect.

You do not have to make every decision or solve every problem on your own.

Asking for help is not a sign of weakness—it’s actually a sign of strength. Recognizing that you need help shows that you are responsible.

When someone comes to you for help, you should listen carefully and critically, and then share your thoughts and opinions.

Signs of Needing Help Loss of interest in usual activities.

Decreased energy level or being tired more than usual.

Difficulties with making decisions or concentrating.

Change in eating or sleeping habits.

You Won’t Love the Entry Level

Section 3

What Will Life Be Like When You Move Out?

Video 3.1 (7 minutes): What will life be like when you move out?

Journal: 1. Describe a work experience that has helped you

develop valuable career attributes such as a strong work ethic, respect, commitment, etc.

Discussion Questions What are some valuable attributes you can

acquire from your pre-career jobs?o Perseverance, humility, flexibility, hard work,

respect, teamwork and commitment.

What is the average income of college graduates who find a job in their degree field? What about for college graduates who don’t find a job in their field?o $35,000-$45,000; $27,000

Activity Activity:

o Job applicationo Employee On-boarding, (45 minutes)

Best Practices of Successful People

Section 4

Best Practices of Successful People

Video 4.1 (13 minutes): Five Things Successful People Always Do

Journal: o Look back at Jon’s list of “Five Things Successful

People Always Do.” 1. Which of these comes naturally to you?2. Which of these do you struggle with?

Discussion Questions What are some common traits of successful

people?o Successful people start, fight fear, ignore haters,

stay humble, stay hungry, give to others.

Best Practices of Successful People

Video 4.2 (4 minutes): A Story About Mentorship

Journal: 1. Describe someone you consider to be a

success. 2. What qualities make this person seem

successful?

Discussion Questions

What are the keys to making mentorship a real benefit.o Choose a mentor that has knowledge and life

experience from which you can benefit, follow through with what you learn, be willing to find different mentors as you progress through life, and eventually, become a mentor yourself.

Leadership Video: Leading with Kindness (1 hour DVD)

Being a Manager

A manager is someone who makes decisions, solves problems, and uses resources to achieve specific goals.

Thinks critically

Communicates effectively

In control

Responsible1

Be a Leader Name two people you consider to be leaders? What are their characteristics?

Being a Leader

A leader is a type of manager. A leader is someone who unites people to work toward common goals.

Respect Self-confidence Goal setting Critical thinking

Job Searches and Résumé Basics

Video 4.3 (11 minutes): Job Searches & Résumé Basics

Journal: 1. What do you think is the most important thing

to remember when looking for a job?

Discussion Questions What are two important factors to remember

when job hunting?o Companies hire to fill a specific need.o Identify your target job/employer and learn

everything you can about them.

What are the steps in applying for a job?o Send an introduction lettero Submit a cover letter and résuméo Follow up by phoneo Present yourself well at interviews

Résumé and Cover Letters

Résumé and Cover Letters PowerPoint

Résumé and Cover Letters

Activity: o Top 40 Interview Questions

o careerbuilder.com• Do an “advanced search” for careers that fit the

industries your aptitude assessment (VA Wizard) recommended.

o Résumé and Cover Letters, (30 minutes)

First Impressions Video: First Impressions: Etiquette and

Work Habits for New Employees (22 minutes)o Complete worksheet while watching the video

Job Searches and Resume Basics

Video 4.4 (8 minutes): Interview’s: Dave’s Advice

Journal: 1. Summarize what Jon Acuff means when he talks

about being willing to expand your “Three Circles” when looking for a job.

Read: o How Can I Land a Job Without Any Experience?o Interview Basics

Discussion Questions Summarize Dave’s advice as to how you

should present yourself during an interview.o You are the product, so be the best one available!o Be on timeo Address everyone by nameo Offer a firm handshakeo Display confidence and make eye contact

What are some things you should do to prepare for an interview?o Research the company o Practice interviewing with a friend

Discussion Questions What are some things you should do after an

interview?

o Take time to write down some notes about anything that may influence your decision of whether or not you accept the position.

o Write a hand-written thank you note to the employer within 48 hours even if you are not interested in the job.

Interview Practice Activity:

o Interview Practice, (30 minutes)

Income and TaxesSection 5

Paying Taxes A tax is money we pay the government. The

government uses the money to pay for public resources.

• Streets• Sidewalk

s• Parks• Schools• NASA• Military

• Libraries• Public

assistance programs

• Medical research

Tax Uses

Taxes on Income Income taxes are paid out by anyone who

earns an income from an employer.

o If you have overpaid throughout the year, you will receive a tax refund.

o If it is determined that you have underpaid, you will have an additional tax payment due.

o Federal income tax filings are due April 15

Taxes on Income You will pay both federal and state income

taxes (unless you live in a state that does not require income taxes).

Income taxes are often subject to deductions or credits based on individual financial circumstances.

How Much Income Tax Do I Owe?

You may also be able to subtract tax credits, which are expenses you’re allowed to subtract from your actual tax payment.o Collegeo Child care

Tax deductions are expenses that you are allowed to deduct from your incomeo Charitable contributionso Mortgage interest

How Much Income Tax Do I Owe?

Federal and state income taxes are automatically withheld from your paycheck by your employer.

Your tax bracket is based on your taxable income, which is not the same as your annual salary.

Progressive Tax System

Calculating Your Taxable Income

Income – Tax deductions = Taxable Income

You must file income tax returns for the income you earned the previous year with the IRS (federal returns) and your state’s revenue department (state returns) by April 15th, unless this occurs on a weekend or holiday.

Progressive Tax System

The U.S. has a progressive tax system, which means the more you earn, the more you pay.

Income is categorized into levels, called tax brackets, which are based on your taxable income.

Basic Categories of Taxes

Income Consumption Asset Based on wages Deducted from paycheck

Businesses pay each quarter

Sales tax – tax on goods and services; goes to your state or local government

Regressive tax – meaning the percentage of income paid in taxes decreases as income increases.

Excise Tax – luxury tax; levied on certain goods produced in a country (gasoline, alcohol, cigarettes, airplane tickets, etc.)Added to your bill

Property tax – main source of revenue for local governments.

Land, private homes, business property

Personal Property – cars, boats, recreational vehicles

Inheritance, estate, and gift taxes.

Who Gets the Taxes?

How the Money is Spent Military

Defense & Homeland Security Public Assistance Programs

Medicare – people over age 65 Medicaid – people who can’t afford

healthcare National Education programs Disaster relief

Federal Government Income Tax - a percentage of your income that you pay to

the government. Social Security Fuel Tax

2013 Federal Spending

Who Gets the Taxes? State Government Funding

o Income Taxo Sales Taxo Fuel Taxo Selling Bondso Long-term borrowing

How the Money is Spento State road maintenanceo Buildingso Bridgeso Public serviceso Medical clinicso State Colleges & Universitieso Local Communities

Who Gets the Taxes? Local Government - Property Tax

How the Money is Spento Schoolso Trash pickupo Firefighterso Police officerso Street cleaningo Snow removalo Public parkso Libraries

FICA Tax FICA (Federal Insurance Contribution Act)

tax: pays for benefits that workers and families receive for either Social Security or Medicare.o Flat tax rate of 12.4% of your incomeo Half of this tax is paid for by the employeeo Half is paid by the employer

Types of Income Earned Income: any income (wages/salary) that is

generated by workingo Taxed at a higher rate than any other type of income.

Portfolio Income: Income generated by selling an investment at a higher price than you paid for it.o Referred to as “capital gains”o Often taxed at a very high rate

Passive Income: Money earned on a regular basis with little or no effort required to maintain it.o Real estate, intellectual property (books, internet content,

etc.), or a business in which the owner is not actively involved.o Allows for the most favorable tax treatment

Discussion Question List the three taxes on income.

o Federal income taxo State income taxo FICA (Federal Insurance Contribution Act)

What programs does the FICA tax fund?o Social Security – Federal insurance providing

benefits to retired , unemployed, and disabled persons.

What are the costs and benefits of paying taxes?o Taxes take a portion of your incomeo Government uses tax revenues to meet

expenses (roads, education, social services).

Income and Taxes Activity:

o Filing Your Taxes, (45 minutes)o Reading a Pay Stub (30 minutes)

• IRS.gov website

Journal: 1. Describe some costs and benefits associated

with paying taxes

Chapter Summary Budget Builder – foundationsU.com

Take Action Challenge, pg. 247

Study Guide: Money in Review, pgs. 248-249