Content Standard 13: Income

Grade 12 Benchmark

1.Changes in the structure of the economy, including technology, government policies, the extent of collective bargaining and discrimination, can influence personal income.

Content Standard 16: Role of Government and Market Failure

Grade 8 Benchmark

3. Most federal government tax revenue comes from personal income and payroll taxes. Payments to Social Security recipients, the costs of national defense and homeland security, medical expenditures (such as Medicare), transfers to state and local governments, and interest payments on the national debt constitute the bulk of federal government spending.

Grade 12 Benchmark

9. Governments often redistribute income directly when individuals or interest groups are not satisfied with the income distribution resulting from markets; governments also redistribute income indirectly as side-effects of other government actions that affect prices or output levels for various goods and services.

Content Standard 1: Earning Income

Grade 8 Benchmark

10. Some people receive income support from government because they have low incomes or qualify in other ways for government assistance.

Grade 12 Benchmark

7. Taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals. The major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes.

• It's Your Paycheck Curriculum Unit (Lesson 2 and Lesson 6)
• It's Your Paycheck Lesson 2, "W" is for Wages, W-4 and W-2, Online Module
• It's Your Paycheck Lesson 6, Credit Reports, Online Module
  
• The Great Depression Curriculum Unit (Lesson 1, Lesson 2, Lesson 4)
• Making Personal Finance Decisions Curriculum Unit (Lesson 4A,4B)