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Chapter 11

Chapter 11. Cash Control And Banking Activities. Standards Covered. Content. Skills. Activities. Assessment. Chapter 12. Payroll Accounting. Standards Covered. Wisconsin Business Standard I.12.5 Demonstrate an understanding of legal forms used in business transactions

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Chapter 11

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  1. Chapter 11 Cash Control And Banking Activities

  2. Standards Covered

  3. Content

  4. Skills

  5. Activities

  6. Assessment

  7. Chapter 12 Payroll Accounting

  8. Standards Covered • Wisconsin Business Standard • I.12.5 Demonstrate an understanding of legal forms used in business transactions • D.12.5 Describe the roles of business enterprises, consumers, and government in our mixed economy • J.12.7 Demonstrate the ability to work as part of a team • B.BS.15 Generate newsletters and brochures • NBEA IV. Special Applications • NBEA V. Interpretation and Use of Data • Wisconsin Math Standard • A.12.2 Communicate logical arguments and clearly show • A.12.4 Develop effective oral and written presentations employing correct mathematical terminology, notation, symbols, and conventions for mathematical arguments and display of data • A.12.5 Organize work and present mathematical procedures and results clearly, systematically, succinctly, and correctly

  9. Content • Understanding Your Paycheck:Participants learn how to understand the deductions taken out of a paycheck, why deductions are taken, and how to complete the forms required at the time of employment which determines some of the deductions. • Taxes: Where Does Your Money Go?: Students will be introduced to the concepts of saving, the need to save for retirement, and the options for creating the most net gain out of a paycheck. • Paycheck Particulars: Students surveys school faculty and staff about their knowledge of various payroll options including a paycheck, direct deposit and payroll card along with payroll deductions. • Payroll Register/Review: Introductions of terms and why a register is needed in a business. Students will be able to prepare a payroll register and understand the different sections of a payroll register. Students will practice payroll register understanding by preparing a payroll register. • End of the Chapter Test

  10. Skills • Demonstrate a basic knowledge of the terms associated with a paycheck, maintaining a register, • Understand the systematic deductions removed from each paycheck • Identify various payment options • Assess school staff’s knowledge on payment options and systematic deductions and educate school staff on various payment options • Analyze a pay stub • Identify pre- and after-tax deductions • Understand why people pay taxes • Compare tax differences given 401(k) deductions • Do a cost-benefit analysis of a 401(k) plan

  11. Activities • Students practice calculating different amounts deducted from a paycheck, complete a Form W-4 • They will also learn to provide definitions of terms, and a framework within which students can analyze different deduction options from different tax brackets, understanding tax savings over time, and applying these with a spreadsheet activity. • From the results of the survey, displays, presentations or handouts are created providing facts on payment options and deductions. The payroll information can be distributed to students, parents, school staff and/or community members through a newsletter. • Play Where Does All the Money Go Game • Homework activities from book or handouts

  12. Assessments • Paycheck Particulars grading rubric • Review Game: Play Where Does All the Money Go Game • Chapter Test to cover concepts covered over past four days. The test

  13. Chapter 13 Payroll Liabilities And Tax Records

  14. Standards Covered

  15. Content • Title? Students will learn the basics of payroll transactions; how to record them in the general journals (which accounts are debited and which are credited) as well as the different terms associated with payroll accounts. • Title? Students will now be focusing on applying the concepts they have learned, so today will be a work day where students will be assigned a worksheet which forces them to apply the material that they learned by filling out the actual payroll transactions in their “journals.” • Tax Liability Payments and Tax Reports:How employers send payroll tax payments to the government? How employers report payroll information to the government ? • How people file their own tax forms:Specific job tasks of an accountant

  16. Skills • Vocabulary/terminology skills. Students will understand many important concepts in payroll transactions including the salaries expense account • Students will be improving their math and critical thinking skills while they post the payroll tax expenses into their general journals. • During the discussion, the students could also be lectured on the importance of ethics in taxes. This concept could possibly be related to a history class. If so, students could reenact the different violations and consequences, possibly of events that actually occurred. • To incorporate this with a math class, students could be given a sample tax form with a few numbers provided. Students could be required to fill out the worksheet on their own.

  17. Activities • Lecture with examples to ensure comprehension • Brief discussion to review, possibly a warm up game such as “Name That Word!” Immediately after the review, the students will be given a worksheet • Lecture, discussion, examples • Guest Speaker, there will be a professional accountant reviewing the terms from the previous lecture

  18. Assessments • Evaluated in the lecture: Students will be assessed on their ability to answer the example problems given in the lecture • Worksheet - the students will be given a worksheet that tests their ability to understand how payroll transactions are journalized. There will also be a vocabulary section in the worksheet which would help students understand the key terms • Completion of individual tax form. Forms will be collected at the end of the period to ensure completion and competency of subject manner

  19. Personal Taxes Taxes and Documents

  20. Standards Covered • Wisconsin Business and Information Technology Systems Standard • B.12.1 Access, navigate, and use on-line services • B.12.3 Enter and manipulate data using the touch method on a ten-key pad • C.12.8 Prepare a simple income tax form • J.12.1 Demonstrate appropriate interpersonal skills when working with others • J.12.3 Demonstrate ability to give and receive constructive criticism • J.12.7 Demonstrate the ability to work as part of a team • NBEA Standards • NBEA Computation, I Mathematical Foundations, II Number Relationships and Operations, VI Problem-Solving Application, A: Taxation • NBEA VII Compliance, Personal Finance, II Earning , Reporting Income • Accounting, I The Accounting Profession • Wisconsin Math Standard • I Mathematical Foundations • II Number Relationships and Operations Wisconsin Standard • 12.8 Prepare a simple income tax form

  21. Content • History of taxes in America:Overview of all forms of taxes. Discussion of when and how different forms of taxes are paid. Brief presentation on specific situations in which taxes are paid and how they are calculated. • Detailed lesson and discussion of sales and use taxes as well as gift and excise taxes:Overview of when and how each of these taxes is assessed and paid. • Focus on topic of property taxes:.Demonstration of how property taxes are calculated and paid and what the dollars are used for in local and state governments • Introduction and overview of income taxes: Discussion of who pays income taxes, how are they calculated, and how are they paid

  22. Content Continued • Income taxes and your paycheck:Lesson on the impact that income taxes have directly on a person’s paycheck and take home pay • Forms: Federal IRS Form 1040EZ, 1040A, and 1040, Wisconsin state individual income tax form • Deductions, exemptions, and credits:Ways to ensure you are getting everything you deserve as a taxpayer in the form of deductions and exemptions as well as special and very valuable tax credits • In class group projects: Completion of a full set of individual personal income tax forms as unit ending assessment project • The accounting profession: A real-life tax accounting professional.

  23. Skills • Understand and explain the different types of personal taxes that are paid including sales, income, property, gift, and excise taxes • Describe when sales, use, gift and excise taxes apply and how to calculate these taxes based on applicable tax rates • Understand the importance of property taxes to sustaining communities and services and how mortgage escrows work • Income tax law and its concepts will be grasp • Students will understand income taxes on their paycheck and appropriate forms

  24. Skills • Students will learn the basics of the main tax forms for reporting income tax information • Students will understand the value of using and maximizing all applicable exemptions, deductions, and credits to ensure the smallest tax liability or largest tax return possible • Students will work as part of tax preparation teams to accurately and completely prepare a complete set of income tax forms • Understand and describe the duties and responsibilities of a tax accountant.

  25. Activities • Website to introduce students to all forms of personal taxes. • Hands on activity working with form W-4 as well as sample paycheck stubs to be able to understand the impact of exemptions as well as income level on take home pay • The class and teacher will fill out appropriate forms as a group using projector screen • In class activity where a number of example situations will be given. Students will be given forms and expected to begin to fill them out • In class group work in which students will use computers to complete a complete tax return • Guest speaker: A tax accountant

  26. Assessment • Short pop quiz at end of class covering sales, use, gift, excise, property and other taxes. • Use of moneyskill.org “Federal Income Tax” as a class activity and assessment tool to review the basics of income taxation. • Unit ending assessment will be based on group tax preparation project. Project will be graded based on accuracy and completeness as well as the ability of the students to maximize the tax advantage to the individuals) through the use of appropriate exemptions, deductions, and credits.

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