In this activity, students will use an online application to visualize their income taxes using the gross income of their dream career. The application shows calculations for the Canada pension plan, employment insurance, deductions, taxable and net income, along with provincial and federal taxes using tax bracket data.
What You’ll Need
- Internet access to Tax Visualizer for NB Students:
- Laptops, Tablets or Smartphones
Vocabulary: Gross Income, Taxable Income, Net Income, Provincial/Federal Taxes, CPP, EI
- Display vocabulary words to students
- Think-Pair-Share: Have students write as much as they know about each word. After 3-5 minutes, allow them to share their answers with a partner. Their partners can add to their definitions of words. Discuss vocabulary and address any misconceptions students have regarding vocabulary words.
- Model an example of how to use the Income Visualizer for NB Students. Hover over key vocabulary words to allow their definitions to appear.
- Optional: Use Activity 1.1 Income Vocabulary to reinforce or review vocabulary. Definitions can be found by hovering over words with mouse on the website.
WORKING ON IT
- Ask students to determine the starting gross income of their dream job.
- Review Activity 1.2 Student Exploration to ensure learners are aware of your expectations for the exploration.
CONSOLIDATION & PRACTICE
- Have students reflect on their learning (1.3 Income Visualizer Reflection).
- Pair-Share: Allow students to share their reflections with a partner. Reflect as a class by asking students to contribute salient points from discussions with their partners.
- Students can use the Canada Revenue Agency website to determine ways in which they can reduce their taxable income
- Students can use their net income calculations to then create a monthly budget
NB Curricular Outcomes
Geometry Measurement and Finance 10
N2: Demonstrate an understanding of income, including: wages, salary, contracts, commissions, and piecework to calculate gross pay and net pay.
N4 – Compound Interest
Foundations of Mathematics 110
N2 – Analyze an investment portfolio in terms of interest rate, rate of return, total return
N3 – Personal Budgets
Financial and Workplace Mathematics 110
N2 – Costs and benefits of renting, leasing, and buying
N3 – Analyze an investment portfolio in terms of interest rate, rate of return, total return
N4 – Personal Budgets
- Critical Thinking and Problem-Solving
- Self-Awareness and Self-Management