Taxes

Students earn classroom dollars, set up a bank book, pay fines, figure interest and pay taxes.

A lesson plan for grade 4 Mathematics

By Cecelia Zimerle

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Related topics

• Learn more about decimals, mathematics, money, percents, and taxes.

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Learning outcomes

Students will:

• add, subtract and multiply money.
• set up and balance a bank book.
• calculate interest using decimals.
• set up and use a spread sheet.

Teacher planning

Time required for lesson

1 hour

Materials/resources

• Classroom money: $5, $10, $20, $50, $100
• Chart paper
• Construction paper
• Calculator-optional
• Computer-optional

Pre-activities

Students using calculators need to know how to add, subtract, multiply, divide and find percents.

Activities

1. The class determines a salary scale as a reward system. Here is an example of what my class listed. Students earn:
   • $100.00
   • compliment from another teacher
   • perfect math paper
   • 100% on a computer test
   • 100% on any classroom test
   • $50.00
   • attendance each day
   • homework done
   • special turn-ins
   • $10.00
   • job well done
   • lunchroom conduct
   • clean desk

   Students pay:

   • $10.00
   • tardy
   • talking
   • idle
   • late work
   • disorderly
   • $50.00
   • verbal fighting
   • $100.00
   • physical fighting
2. The class assigns a banker and bank tellers to distribute and collect money. At the end of a week the students deposit the money earned into a bank book. Here they practice math objectives. They count each bill and multiply that number times its value. They add using decimals. They also must write out the amount earned each week using number words. The bank book can be set up to accommodate any grade level. Example:

DATE - CURRENCY - HOW MANY - AMOUNT
3-13 - one hundred - 6 - $600.00
- fifty - 3 - $150.00
- ten - 7 - $ 70.00
+_________
$820.00
Total earned is eight hundred twenty dollars.

3. We stopped earning money the week of April 15 and get ready to pay our taxes. The money that is left after taxes is used to purchase items brought in by the teacher. The students write out the amount of their purchase on a teacher prepared check. Here is the tax form I use. It can be adjusted to meet your objectives.

1998 TAX FORM
NAME__________________________________________
BIRTH DATE____________________________________
Earnings for week 1._______
2._______
3._______
4._______

TOTAL EARNINGS $_________A
INTEREST EARNED @10%=Ax.10 _________B
EARNINGS PLUS INTEREST A+B=C _________C
RENT,books, desk,utilities,
class decided on $420 $420.00 D
TAXES for school, police,fire dept
library, @40% Cx.40=E _________E
FINAL EARNINGS C-(D+E) _________F

This lesson also gives each student an understanding that the way to purchase items is to work. They also see that they must work to provide a place to call their own, and that they pay for the school, the library and the services they often take for granted.

Assessment

I use their bank book to assess their computation skills. The tax form assesses direction following and computation skills.

Supplemental information

Comments

The students keep their currency in an envelope. We count the money at the end of each week, and record the amount in the bank book.

I like to reward good behavior and exemplary work in my classroom. I find this activity has positive results in classroom management, math skills, as well as an appreciation for tax money that is spent on school libraries, lunchroom and community services, even the text books the students use.