Lesson Plan : Microsoft Excel Budget Project

Teacher Name:
 Miss Julie Viercinski
 Grade 7-8

 Math- BUDGET; Salary and Monthly Income after Taxes
 Creating a monthly budget based on a yearly salary (Gross Annual Income); Using Microsoft Excel program to calculate the Net Salary and the monthly income after taxes; creating formulas for calculations and determining Monthly Savings
 *Students will be able to determine Gross Pay, Annual Taxes, and Net Pay. *Students will use Microsoft Excel to create a spreadsheet to calculate the information. *Students will graph their results.
 *Students will set up a monthly budget based on a salary of $24,000 before taxes of 25% are taken out. *Students will calculate salary after taxes and determine how to create a budget of how to spend their monthly earnings. *Students will use the computer program Microsoft Excel to set up a spread sheet to record and calculate their information. *Students will use Microsoft Excel to create graphs that will compare the budgets of salaries of $24,000 and $32,000.
 Handout and directions Computers Microsoft Excel Program LCD projector
 Students will then be discussing the differences between Gross Pay and Net Pay. Students will be given a scenario: (You have just graduated from college and have been hired for your first job. You earn $24,000.) Students will be told they are to set up a monthly budget. They have to pay for all of their expenses and make decisions on how they want to spend their money. They cannot spend more than they earn.
 The students Gross Pay is $24,000, but they must pay 25% of their pay to the government in taxes. They are to figure out how much money they pay in taxes and what their Net Pay will be. ($6000 in taxes, Net Pay= $18,000). Students will then determine how much their monthly income is ($18,000/ 12 months = $1500/month). The students will have $1500/month to spend on rent/mortgage, utilities, car costs, clothing, entertainment and food. However much money is left over goes into their Savings Account. Once students have completed their spreadsheet for a salary of $24,000, they will be given a raise of $32,000 and will need to create another spreadsheet with the new information.
 At their seats, students will be given a handout with the scenario typed up for them, along with directions of how to set-up the spreadsheet in Microsoft Excel. Students will also be given an example of a students project to help them set theirs up. Studenrs will be able to begin their projects as soon as all questions are answered and all papers are handed out.
Checking For Understanding:
 Students will be allowed to ask questions and work with one another. Students will save and print their spreadsheets and graphs and will be graded.
 Students will need to save their projects and print out a copy for the teacher to grade.
 Students will be graded on class participation, class work, and the hardcopy of their projects that are printed out.
Teacher Reflections:
 The students love this project because it gives them a feel of responsibility and they love the idea of being able to have money and spend it the way they want. Overall I have had much success with this lesson and the students really get great practice with spreadsheets and their math skills are enforced!

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