Lesson
The Gig Economy
Summary
Working as an independent contractor can be a risky and rewarding way to make a living. This lesson covers the financial elements of being an independent contractor, including employment taxes, pros and cons, and tax write-offs.
Bellringer: Earning Without a Boss
- Students brainstorm 3+ ways to earn money this weekend without being formally employed.
- Transition to defining "independent contractor" by asking who sets the rate and schedule.
Instruction
- Cover three categories of gig work (service, skill, product) and pros/cons of contracting.
- Explain the "double tax" (full 15.3% FICA), withholding responsibilities, and business expense write-offs.
Discussion: True Cost of a Gig
- Walk through the Uber trip math—$20 earned minus expenses and taxes—to reveal actual take-home pay.
- Discuss Worker's Comp gaps and why companies prefer hiring 1099 contractors over W-2 employees.
Activity: Unleash Your Inner Entrepreneur Worksheet
- Students complete "Unleash Your Inner Entrepreneur" worksheet in pairs or individually.
- Have students note key terms as they read.
Wrap-Up & Assessment
- How much is employment tax (FICA/Social Security/Medicare) and who pays it?
- Name one gig you think you would be good at, and why the risk would be worth it.
| Est. Time | Activity | Description |
|---|---|---|
| 5 min | Bellringer: Earning Without a Boss |
|
| 15 min | Instruction |
|
| 10 min | Discussion: True Cost of a Gig |
|
| 10 min | Activity: Unleash Your Inner Entrepreneur Worksheet |
|
| 5 min | Wrap-Up & Assessment |
|
Lesson Prep
High School Personal Finance Workbook
Students complete "Unleash Your Inner Entrepreneur" on pages 13-14 of the workbook.
Class Presentation
Includes an 18-slide deck with teacher notes. Present from Banzai, download a PDF, or copy it to Google Slides.
Presentations, Ready to Go
- Built-in PresentationPresent full screen, straight from Banzai
- Copy to Google SlidesMake an editable copy for your class
- Download or PrintSave as a PDF or print
- Teacher NotesSlide-by-slide guidance, printable as one handout
Unit 3: Earning Income
Benefits & Total Compensation
Total compensation isn't just wages or salary earned. Explore monetary and non-monetary employee benefits, and the pros and cons of common employee benefits.
The Gig Economy
Working as an independent contractor can be a risky and rewarding way to make a living. This lesson covers the financial elements of being an independent contractor, including employment taxes, pros and cons, and tax write-offs.
Entrepreneurship Part I
Entrepreneurship is the process of starting a business to solve a problem, taking on financial risk in hope of earning a profit. This lesson talks about business ideas, value propositions, market research, and competitor analysis.
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