1. Key Terms Section 5.1  Is having more income than necessary withheld from your paychecks a good way to save? *Payroll Tax *Income Tax *FICA *Withholding *Gross Income *Net Income *Form W-4 *IRS *Allowance Question to think about! Topic: TaxesEQ: Explain how you and the government benefit from the system of withholding. How might you get into financial problems if this system did not exist?

2. Section 5.2 Everfi Log In 1 st Period  Go to : https://platform.everfi.net/registration/login and click “ Sign Up ” in the upper right corner.https://platform.everfi.net/registration/login  Enter the registration code, 96a34537 1 st hour consumer education and click “ I’m a student ”  Enter your date of birth, first and last name, and then create a username and password.  You can use your email for username.  Click “ Finished ” and get started with the questions!

3. Section 5.2 Everfi Log In 2 nd Period  Go to : https://platform.everfi.net/registration/login and click “ Sign Up ” in the upper right corner.https://platform.everfi.net/registration/login  Enter the registration code, ac344e18 2 nd hour consumer education and click “ I’m a student ”  Enter your date of birth, first and last name, and then create a username and password.  You can use your email for username.  Click “ Finished ” and get started with the questions!

4. Section 5.2 Everfi Log In 6 th Period  Go to : https://platform.everfi.net/registration/login and click “ Sign Up ” in the upper right corner.https://platform.everfi.net/registration/login  Enter the registration code, 6b2d7d35 6 th hour consumer education and click “ I’m a student ”  Enter your date of birth, first and last name, and then create a username and password.  You can use your email for username.  Click “ Finished ” and get started with the questions!

5. Section 5.1  LifeSmart Part 2  Taxes Class Work

6. Key Terms Section 5.2  What are the differences in the way traditional employees and self- employed people pay their taxes? *Tax Return *Form W-2 *Form 1099-INT *Form 1040EZ *Dependent *Social Security Number Question to think about! Topic: TaxesEQ: What are the advantages of filing your tax return online?

7. Section 5.3 DirectIndirectPay-as-You-Earn Income and property tax – are paid directly to the government Included in the cost of a good or service. Federal withholding-as you receive a paycheck, the government takes a cut. How Are Taxes Collected? Question to think about!

8. Section 5.3 IncomeSalesProperty State and local income taxes may be withheld from your pay as well. Included in the cost of a good or service. Taxes in the value of your property when you own. Types of Taxes ExciseEstate & GiftBusiness/License State -tobacco, gas, alcohol Federal -oil products, firearms, air travel Estate -property that is received after someone dies. Gift -taxes that the giver of gifts may pay. Over $12,000 To operate certain kinds of businesses, you will be taxed on the license, permit, or stamp that you must hold.

9. Form W-2 & W-4 Example on page 164 Section 5.2 W-4 www.irs.gov Please make sure to complete page 4 of your LifeSmart project – Taxes Section

10. Key Term Section 5.4  How does the government spend the money it receives? * Public Good Question to think about! Topic: TaxesEQ: How does the government use taxes to influence consumers’ decisions?

11. Section 5.4  What State and Local Governments Provide  Roads  Police and Fire Services  Criminal Justice System  Schools – including colleges and universities  Medical Facilities  Sewage Plants  Unemployment Programs

12. Tomorrow  Complete Everfi #7– Taxes Section  Sleep and Eat Well  Bring a Pencil  Think Positive TEST