1.2 Your Paycheck 9/8/23
By Jennifer Pariseau
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Last updated 10 months ago
24 Questions
Note from the author:
OBJECTIVES & STANDARDS
Math Objectives
- Calculate percentages
Common Core Math Standards
- Link to all CCSS Math
- CCSS.PRACTICE.MP6
- CCSS.7.RPA.A.3
Personal Finance Objectives
- Read a pay stub
- Complete a W-4
- Identify common payroll deductions
National Standards for Personal Financial Education
Earning Income
- 6a: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
- 7c: Differentiate between gross, net, and taxable income
- 8a: Explain the difference between earned and unearned income
- 9a: Complete IRS Form W-4
OBJECTIVES & STANDARDS
Math Objectives
- Calculate percentages
Common Core Math Standards
- Link to all CCSS Math
- CCSS.PRACTICE.MP6
- CCSS.7.RPA.A.3
Personal Finance Objectives
- Read a pay stub
- Complete a W-4
- Identify common payroll deductions
National Standards for Personal Financial Education
Earning Income
- 6a: Identify which level(s) of government typically receive(s) the tax revenue for income taxes, payroll taxes, property taxes, and sales taxes
- 7c: Differentiate between gross, net, and taxable income
- 8a: Explain the difference between earned and unearned income
- 9a: Complete IRS Form W-4
Intro
INTRO
VIDEO: FinCap Friday: That's Gross!
In this video, Yanely discusses your paycheck and why it’s so important for you to understand how to read it. After watching the video, answer the questions below.
Learn It 1
ARTICLE: Types of Income
You can earn money in a lot of different ways. Read the article about types of income and answer the questions.
VIDEO: Filling Out the W-4 Form
A W-4 form is completed when you start a new job so that your employer knows how to calculate your federal tax withholdings. Watch the video about completing a W-4 and use it to answer the questions.
ARTICLE: What are Payroll Deductions?
TEACHER TIP: This article covers the basics of payroll deductions but does not address some specifics:
- Social Security taxes have a maximum taxable income limit, which may affect the 7.65% payroll tax
- Employees have to pay additional Medicare taxes if they make over a certain income level and file as unmarried, which may affect the 7.65% payroll tax
- Federal income tax applies to many different forms of income, not just wages.
There are many different types of payroll deductions. Some are required while others are voluntary. Read the article and use it to answer the questions about payroll deductions.
EDPUZZLE: How to Read a Pay Stub
A pay stub details your earnings, taxes, voluntary deductions, and many pieces of important information. Watch this video to learn more about how to read a pay stub. Then, answer the questions either in EdPuzzle or below.
MATH CONNECTION - ANALYZING PERCENTAGES
Now that we understand how to read a pay stub and the types of deductions that might show up, let’s do some analysis to see how much of our gross pay is being deducted.
Carl’s Paycheck
Alan’s Paycheck
Exit Ticket