Explain the costs and benefits of payroll-deducted flexible benefit packages.
Examples: IRA, 401(k), flexible spending plans
Describe and calculate federal and state taxes associated with employee payroll.
Find the federal tax withholding amount per paycheck for an individual, using IRS tax tables and IRS percentage method.
Calculate an employee’s Social Security tax and Medicare tax per paycheck.
Determine an employer’s total deposit for withheld income tax, Social Security tax, and Medicare tax per pay period and quarterly for a group of employees.
Compute business expenses related to employees.
Examples: benefits, disability insurance, travel, employee training
Interest Rates
Examine rates, amount of interest, and proceeds of bank discounts for various loans and explain how variations in these factors impact financial outcomes and decisions.
Calculate simple interest using the simple interest formula for a personal and a business loan based on various credit scores.
Calculate any single variable (principal, interest rate, amount of interest, or time) given the other three to evaluate optimal conditions for pursuing a bank loan.
Explain the process of discounting a promissory note and calculate the proceeds of a discounted promissory note.
Explain maturity value and find the maturity value of a loan.
Compute compound interest on a loan by compounding annually.
Create an amortization table in spreadsheet software showing interest compounded daily using varying rates and terms.
Investments
Explain investment terms including risk, yields, price to earnings (P/E) ratio, and rate of return.
Explain the effects of compounding in an investment and lending environment.
Compare investment opportunities and make mathematical comparisons of investment alternatives.
Explain net present value and describe how to calculate the net present value of an investment.
Examples: certificate of deposit, savings account, stocks, mutual funds
Determine stock yield, earnings per share, and price to earnings ratio for several stocks.
Calculate the anticipated rate of return on specific investments (ROI) and savings accounts using various factors including simple or compound interest, dividends, and fees.
Calculate a stock’s percentage price change over a period of several weeks.
Calculate a stock’s dollar price change over a period of several weeks.
Complete a stock transaction form for buying and selling stocks.
Describe how common stocks are valued.
Personal Taxes
Describe and prepare federal tax documents for varying household types.
Complete 1040 EZ Federal Income Tax Forms.
Determine the need for and prepare a 1040A using the required documentation for varying households.
Complete basic tax forms for business and personal use utilizing strategies to maximize benefits and determine the results of the selected strategies.
Examples: W-2, W-4
Discuss and calculate property taxes based on local percentages and guidelines including assessed values and homestead exemptions.
Bank Records
Outline the historical progression of banking institutions and how changes affected customers’ costs for services.
Examples: traditional banks, online banks, credit unions
Complete routine banking procedures to manage finances efficiently.
Utilize business and personal data to write checks, prepare deposits, and prepare withdrawal slips without going over budget or incurring penalty fees.
