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

Learn more

Related pages

• In math, "elegant" means "cool"!: An elegant solution to a math problem is one that requires less time and work. Encouraging students to find such solutions will help them build number sense or numeracy.
• Math Fun: Here are some great resources to help students develop a sense of numbers and how they are used by us everyday. Students will have fun practicing their skills and trying new problem-solving ideas.
• Looking At Things From Different Angles: This lesson will introduce students to angles using a resource of Shodor Education Foundation, Inc. Permission has been granted for the use of the materials as part of the workshop "Interactivate Your Bored Math Students."

Related topics

• Learn more about mathematics.

Legal

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

Technology resources

None

Pre-activities

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

Activities

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

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.
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

None

Related websites

N/A

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.