Chapter 11 Careers and Taxes Unit 4 Income

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: 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. 1.

Self-Assessment Section 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 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 Foundations. U. com o Chapter Activities o Chapter 11 o DISC Profile

What Kind of Job Do You Want After Graduation?

Goal Setting Section 2

Goal Setting Video 2. 1 (9 minutes): Goal Setting Journal: Describe a recent goal you set for yourself. 2. What did you do to make reaching that goal a success? 1.

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. Decision Making Process: 1. 2. 3. 4. 5. 6. Identify the decision to be made Consider all possible options Identify the consequences of each option Select the best option Make and implement a plan of action Evaluate the decision, process, and outcome 1

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. 1

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. 2. 3. 4. 5. Identify the goal Assess whether the goal is something you really want Make a plan for achieving the goal Write down your specific action plan for achieving the goal Periodically reevaluate your goals Short-term VS long-term goals 1

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. 2. 3. 4. 5. 6. Identify the problem Consider all possible solutions Identify the consequences of each solution Select the best solution Make and implement a plan of action Evaluate the solution, process, and outcome 1

Thinking Critically 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. Honest: acknowledge selfish feelings & preexisting opinions. Rational: relying on reason and thought instead of emotion. Open-minded: willing to evaluate all possible options—even if they’re unpopular. 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 Communication is an exchange between a sender and a receiver; should be open and honest. 1. 2. 3. 4. 5. 6. 7. Be clear Speak slowly Be personal Be positive Get to the point Actively listen to the response Think before you respond 1

Communicating Verbal communication is the exchange of messages by speaking or writing. Nonverbal communication helps put words into context. o Tone o Eye Contact o Facial Expressions o 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 language o Let the other person finish speaking before you respond o Ignore distractions o Set preconceived opinions aside o 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 application o 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. 2. Which of these comes naturally to you? 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: Describe someone you consider to be a success. 2. What qualities make this person seem successful? 1.

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 Responsible 1

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 letter o Submit a cover letter and résumé o Follow up by phone o Present yourself well at interviews

Résumé and Cover Letters Power. Point

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

Discussion Questions Summarize Dave’s advice as to how you should present yourself during an interview. o o o You are the product, so be the best one available! Be on time Address everyone by name Offer a firm handshake 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 Taxes Section 5

Paying Taxes A tax is money we pay the government. The government uses the money to pay for public resources. Tax Uses • • • Streets Sidewalks Parks Schools NASA Military • Libraries • Public assistance programs • Medical research

Taxes on 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 College o Child care Tax deductions are expenses that you are allowed to deduct from your income o Charitable contributions o 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 – 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 15 th, 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 § Based on wages § Deducted from paycheck § Businesses pay each quarter Consumption Asset § Sales tax – tax on goods and services; § Property tax – main source goes to your state or local government of revenue for local governments. §Regressive tax – meaning the percentage of income paid in taxes §Land, private homes, decreases as income increases. business property §Excise Tax – luxury tax; levied on certain goods produced in a country (gasoline, alcohol, cigarettes, airplane tickets, etc. ) §Added to your bill §Personal Property – cars, boats, recreational vehicles §Inheritance, estate, and gift taxes.

Who Gets the Taxes? § Federal Government § Income Tax - a percentage of your income that you pay to the government. § Social Security § Fuel Tax 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

2013 Federal Spending

Who Gets the Taxes? State Government Funding o o o Income Tax Sales Tax Fuel Tax Selling Bonds Long-term borrowing How the Money is Spent o o o o State road maintenance Buildings Bridges Public services Medical clinics State Colleges & Universities Local Communities

Who Gets the Taxes? Local Government - Property Tax How the Money is Spent o Schools o Trash pickup o Firefighters o Police officers o Street cleaning o Snow removal o Public parks o Libraries

FICA Tax FICA (Federal Insurance Contribution Act) tax: pays for benefits that workers and families receive for either Social Security or Medicare. o o o Flat tax rate of 12. 4% of your income Half of this tax is paid for by the employee Half is paid by the employer

Types of Income Earned Income: any income (wages/salary) that is generated by working o 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 tax o State income tax o 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 income o 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 – foundations. U. com Take Action Challenge, pg. 247 Study Guide: Money in Review, pgs. 248 -249