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Whāinga ako: Lesson Goals
Whāinga ako: Lesson Goals
To understand the purpose of income tax; how this is taken from pay and where it goes
To explain that the government uses tax revenue to buy goods and services
Kupu matua - Keywords
Kupu matua - Keywords
Tax, contribute, income, human resources, wage, salary, payroll tax, kiwisaver
A majority if these words are explained as part of the lesson.Mahi - Work
Mahi - Work
What is tax?
What is tax?
People are expected to contribute some of their income, or money, they earn from any source.
Most people earn income by working (providing their human resources in the marketplace), which is called wage or salary income. People can also earn income in the form of interest on their savings, dividends from their stocks, rents on property owned, royalties on copyrighted material, profits from a small business, and other ways.
Income tax is taken from your paycheck.
Where does this tax go?
Where does this tax go?
Open up this website and have a look at this breakdown of where our taxes go.
What are the top things that our money goes towards?
What is the ministry of social development?
Do you agree with where these taxes are going?
Do you think we should have to pay tax? Why/Why not?
Extra for experts: What are different political parties' tax policies?
What does this mean for me?
What does this mean for me?
When you earn money in a job you will be taxed. This is known as payroll tax.
There are two main types of income when you work in a job, one is called a salary and the other a wage. Listen to the video to understand the difference.
This is an example of a pay slip for someone who works earning an hourly wage as opposed to a salary.
Below are some questions. Some of these may be covered by your teacher and the others you may need to research yourself.
There is a copy of this in your Financial Journal. Teachers you may want to print one for groups to brainstorm here.
Circle any words that you are unsure of. We will discuss these as a class.
What is the difference between a wage and a salary?
Who does Sally work for?
How much has been paid into Sally's account?
What time period does this payslip cover?
What is PAYE?
What is KiwiSaver?
What has been taken off Sally's wage?
Here is a more complex example of a payslip if you want to see if you can interpret it!
✋ Reflection check-in ✋
✋ Reflection check-in ✋
There is a section you need to fill in in your workbook. You are reflecting on one thing you have learned from task 3
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