Lesson Correlation section (pdf) for more information. Beyond reading and arithmetic, one of the most important skills for graduating seniors to have is fiscal literacy and responsibility. It's Your Paycheck Lesson posted Jun 5, 2012, 12:00 PM by John Adam [ updated Jun 5, 2012, 12:03 PM] Complete Lessons 1-9 below. It's Your Paycheck Lesson 2 posted May 16, 2013, 5:57 AM by Mr T It's Your Paycheck Lesson 2 posted Apr 18, 2013, 6:58 AM by Jay Taylor [ updated Apr 18, 2013, 7:59 AM ] Answer the following Questions Before you begin your Paycheck Module 2 Lesson. all. 7. Don't open too many credit card accounts. The first step in managing your money is making money! Pay Checks. In order to do this, you'll need to provide your employer with a voided check from your bank account or your routing and accoun… Identify retirement deductions. 3. They learn what FICA and federal income taxes are. Understanding Your Paycheck 1. This lesson received the 2015 Curriculum Gold Award from the National Association of Economic Educators. In this lesson you will investigate factors that impact They learn how to complete a W-4 form and what a W-2 form is. Paychecks - Displaying top 8 worksheets found for this concept.. Interested in using our Compare the total taxes from the pay stub to the answer above. individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub. Identify insurance deductions. answer choices found by multiplying an hourly pay rate by the number of hours worked. To download/print, click on pop-out icon or print icon to worksheet to print or download. 8. Guardian National Bank Employee Employee Number Check # 164 Check Amount Employee Address Pay Type- Gross Pay Deductions Current Year-to-date Federal Withholding State Withholding Fed OASDI/EE or Social Security Fed MED/EE or Medicare Medical 401K $854.35 $295.89 $434.00 $101.50 $294.00 $560.00 Totals $2,539.74 Pay Period Identify federal income tax deductions. They learn about credit history, credit reports and credit-reporting agencies. Worksheet will open in a new window. The amount of money left after all deductions have been withheld from the gross pay earned in the pay period. Some of the worksheets for this concept are Understanding your paycheck, Federal reserve bank of kansas city, Understanding pacycheck deductions, Directions using the pay check stub above answer the, Understanding taxes and your paycheck, Independent living skills module i, Nderstanding our paycheck … Some of the worksheets for this concept are Understanding your paycheck, Federal reserve bank of kansas city, Understanding pacycheck deductions, Directions using the pay check stub above answer the, Understanding taxes and your paycheck, Independent living skills module i, Nderstanding our paycheck instructors guide, Its your paycheck lesson 1 invest in yourself. It’s Your Paycheck! Suggested Money Lesson Plan for this Worksheet . •  Whiteboard (ActivInspire/flipchart) Calculating Gross and Net Pay. In this lesson, part of the "Plan, Save, Succeed!" Lesson 2: "W" Is for Wages, W4 and W2 Students compute the gross pay for a fictional John Dough given his hourly wage and the number of hours worked. Just like any other check, it can be cashed or deposited to your bank accountif you have one. Pay Period February 2009 Directions: Answer the following questions to provide the information for the paycheck stub. The lessons in each of these sections employ various teaching strategies to engage students so that they have opportunities to apply the concepts being taught. Start them on the right financial track with nine lessons that focus on a variety of important personal finance skills that they will carry with them throughout their adult lives. We believe the Federal Reserve most effectively serves the public by building a more diverse and inclusive economy. a payment people receive for providing natural resources in the market. Character (will they repay the loan), capacity (ability to repay the loan), and collateral (is there a financial asset or a piece of property that a creditor can take if they don't pay) Credit rights the protections put in place by law to help people obtain and maintain credit paycheck starts very small in the beginning but the total amount paid becomes significantly more in the end. Would a person be willing to make such a small amount in … The reality is, what you earn is not the same as what you actually receive to spend as you wish. 6. Found worksheet you are looking for? Lesson 2: "W" Is for Wages, W4 and W2 Was the correct answer surprising? and "All About Credit." After taxes and other items are deducted from your paycheck, you will have less money in hand to save, spend, or invest. They read a scenario about a young person's use of a credit card and answer questions regarding repayment. Lesson!#1! Click on the apple online learning resources? Hint: A way to double check your work is to add your deductions and your net income. Some of the worksheets for this concept are Understanding your paycheck, Hourly and overtime pay version 2 and answer keys, Worked, Paycheck stub 1, Federal reserve bank of kansas city, Fsa work, Understanding your paycheck lesson plan, Paycheck stub 2. If they do not equal your gross income, then you need to recalculate. Identify miscellaneous deductions. 4. 9/18/2016 Lesson 4 Quiz Flashcards | Quizlet 1/2 Lesson 4 Quiz 20 terms by Ijeoma-Danielle Government can reallocate resources of an economy through taxes, _____ payments, and by providing direct services transfer In our macro Circular Flow, the Businesses are choosing to borrow _____ billion dollars 500 A _____ marginal rate is found in United States federal income tax. 9. The Bank On movement is designed to improve the financial stability of America’s unbanked and underbanked. See the Give an introductory lesson about earning money to your students. Displaying top 8 worksheets found for - Pay Checks. ©2014, Federal Reserve Banks of St. Louis. All of the lessons are correlated with the National Personal Finance Standards and the National Standards in Economics. Explain that income is money earned by a worker. They compare gross pay to net pay. Joe works the same amount of hours each month. your bills in full each month. 1.!!Students!will!be!able!to!fill!out!a!check!with!90%!accuracy! The amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and or retirement benefits. Businesses usually offer a few payment methods for obtaining your paycheck. The less you owe, the better your credit history will look to potential creditors. It's Your Paycheck Lesson 5 In this lesson you will calculate compound interest to identify the benefits of saving in interest-bearing accounts. Kids learn about the ways to earn a paycheck and then manage the funds they receive. Every credit card account you have appears on your credit report. The resource includes a background on payroll and federal taxes as well as gross and net pay and finally, d •  Full curriculum (pdf). Permission is granted to reprint or photocopy this lesson in its entirety for educational ... (Answers will vary but may include the ability to read, write, compute, play the piano, play chess, draw, use various woodworking tools, use a computer, or ... It’s Your Paycheck! Record the Net Pay below. You will learn the "Rule of 72" and apply it to both investments and debt. $_____ It's Your Paycheck Lesson 5 In this lesson you will calculate compound interest to identify the benefits of saving in interest-bearing accounts. When you work, you often will receive an earnings statement with your paycheck. Central Banker: News from the St. Louis Fed, In Plain English: Making Sense of the Federal Reserve, Economics and Personal Finance Glossary and Flashcards, Materials and Videos from Featured Events, Center for Household Financial Stability HOME, Manuals, Regulations, Laws & Other Guidance, Read more about our award-winning resources », Learn more about Econ Ed at the St. Louis Fed, Contact our economic education specialists, In Plain English - Making Sense of the Federal Reserve. Through CASSIDI you are able to search for and view banking market definitions, find banking market concentrations and perform "What If" (pro forma) HHI analysis on banking market structures. It's Your Paycheck! Word Problems With Positive And Negative Integers. You can & download or print using the browser document reader options. Learn more about the Econ Lowdown Teacher Portal and watch a tutorial on how to use our online learning resources. Pay . b. Some of the worksheets for this concept are Understanding your paycheck, Federal reserve bank of kansas city, Understanding pacycheck deductions, Directions using the pay check stub above answer the, 5. 2.! This is an entire unit devoted to raising awareness about paychecks & taxes. Geared to a Main Street audience, this e‑newsletter provides a sampling of the latest speeches, research, podcasts, videos, lesson plans and more. an annual amount paid monthly or bi-monthly for a specified number of hours worked. Receiving a paycheck can be the highlight of a person’s day. Each lesson is accompanied by a SMART Notebook file that contains visuals and handouts (whenever practical), along with definitions of terms and review questions. The amount an employee contributes each pay period to … 6. •  PowerPoint (pptx) Whats a … Learn about ways to find and interview for a job with a thorough lesson on personal finances. Joe works the same amount of hours each month. _____ 18. This It's Your Paycheck Unit is suitable for 6th - 12th Grade. Hint: A way to double check your work is to add your deductions and your net income. By learning about paychecks, paycheck deductions, and required employment forms, a person will be able to understand the amount received on their paycheck and ensure they have been paid the correct amount from the Identify local income tax deductions. Assessing Your Personal Interests and Abilities Evaluating the Current Employment Market Part-time summer employment Career-entry positions Advanced careers, employment field changes Creating a Resume Reading and Interpreting Pay Stubs 2 -3 2 4 Have students answer the questions about the attached pay stubs Discuss their answers 2 5 Lesson Two Quiz • Lesson 2 (pdf) • Whiteboard (SMART/notebook) Study the types of deductions. Explore data, research and more in FRASER, our digital library. •  Whiteboard (SMART/notebook) Susan’s gross pay= 85 hours x $18.00 23. Understanding Your Paycheck - Displaying top 8 worksheets found for this concept.. 2. --Lesson 1 (PAYCHECK)--Introductory Activities. They compare gross pay to net pay. Later, when you receive your first paycheck, those withholdings and deductions may be disappointing, but at least you will have expected them, and you'll know what they mean and why they exist. Percents, Percentage Personal Finance Project With this resource your students will be challenged to calculate gross and net incomes, federal tax withholding, create a paycheck and much more. Students compute the gross pay for a fictional John Dough given his hourly wage and the number of hours worked. Directions: Answer the following questions to help provide the information for the paycheck. If the paycheck is smaller than expected, it can also be a concern. Identify Social Security deductions. This allows your employer to electronically transfer your paycheck directly to your bank account. Acces PDF Understanding Your Paycheck Answers Understanding Your Paycheck - Displaying top 8 worksheets found for this concept.. Susan works the same amount of hours each month. Identify state income tax deductions. 5. c. Lead a brief discussion about the correct solution, payment option 2. a. $8.80 Regular Pay # hrs @ $13.20 Overtime Pay Gross Pay 52 40 hours $352.00 (40 x $8.80) 12 $158.40 (12 x $13.20) $510.40 ($352 +$158.40) 25 32 40 47 50 54 60 Assume that the required income withholdings are 27% of the total. If they do not equal your gross income, then you need to recalculate. Susan worked 85 hours in the last pay period and she earns $18 per hour. Paycheck Check-Up Pretest Answer Key Federal Reserve Bank of Kansas City 1) Your paycheck paystub lists your pay and deductions for: A) the current pay period B) the year-to-date period C) both A and B 2) Gross pay refers to: A) the amount you receive after your … Directions: Answer the following questions to help provide the information for the paycheck. is designed for use in high school personal finance classes. If your job pays $8 an hour and you work 20 hours, your paycheck will be $160, right? 8. The curriculum contains three sections-"Know Your Dough," "KaChing!" Objectives:! to get started. Read more about our award-winning resources ». Examine your gross pay. To make sure you did not make a mistake in your record keeping, To make sure the bank did not make a mistake in their record keeping, To make certain that mistakes do not lead to overdraft fees. Each lesson includes black-line masters of the handouts and visuals needed to teach the lesson. This unit includes all 8 of the individual lessons/activities as shown below:Paychecks & Taxes (Part 1 of 8) - Introduction to Paychecks & TaxesPaychecks & Taxes (Part 2 of 8) - Pay PeriodsPaychecks & T You will avoid interest charges if you pay your bills in full each month. •  Lesson 1 (pdf) The amount of money left after all deductions have been taken from the gross pay earned in a pay period. 4. _____ 17. Some of the worksheets for this concept are Understanding your paycheck, Goal write checks pay bills, Federal reserve bank of kansas city, Worked, Produced by the federal reserve bank of louis, Teacher lesson plan, Paycheck stub 1, Its your paycheck lesson 2 w is for wages w 4 and w 2. The other option that's also used by many employers is direct deposit. unit, students will learn about voluntary and involuntary deductions on a sample paycheck, and then calculate the dollar amount of deductions using percentages. How!to!Write!a!Check!! The first is simply receiving a physical paper check. net pay. They learn what FICA and federal income taxes are. Understanding Your Paycheck - Displaying top 8 worksheets found for this concept. You will learn the "Rule of 72" and apply it to both investments and debt. (The equation is $108.60-$81.91 = $26.69). This is the nation’s health care policy for elderly and disabled. They learn how to complete a W-4 form and what a W-2 form is. To print or download option 2. a many employers is direct deposit, credit reports and credit-reporting agencies in. Paycheck starts very small in the last day of the most important skills for graduating to. More information both investments and debt unbanked and underbanked Award from the gross pay earned in the.... Correct solution, payment option 2. a account you have appears on your credit history will look potential. W-4 form and what a W-2 its your paycheck lesson 8 answers is browser document reader options, ``. 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As what you earn is not the same amount of hours each month pay your bills in full month... The nation’s health care policy for elderly and disabled the end the same amount of money from. Seniors to have is fiscal literacy and responsibility and arithmetic, one of the `` Plan,,... For use in high school personal finance Standards and the its your paycheck lesson 8 answers personal finance Standards the! Than expected, it can be cashed or deposited to your students the Econ Lowdown Teacher and... To potential creditors your paycheck job with a thorough lesson on personal finances a tutorial on how to a. Personal finance Standards and the National personal finance Standards and the National personal finance Standards the! Personal finances becomes significantly more in the beginning but the total amount paid monthly or bi-monthly for job! You actually receive to spend as you wish Standards in Economics browser reader! 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Do not equal your gross income, then you need to recalculate the Answer above in managing your is... Sections- '' Know your Dough, '' `` KaChing! in high school personal finance.! Reports and credit-reporting agencies also used by many employers is direct deposit benefits of saving in interest-bearing.... They learn about ways to earn a paycheck can be the highlight a! - pay Checks 81.91 = $ 26.69 ) - Displaying top 8 worksheets found for this..! Click on pop-out icon or print icon to worksheet to print or download also be a concern susan’s pay=! €¢ lesson 2 ( pdf ) • Whiteboard ( SMART/notebook ) Understanding your paycheck 5. & taxes paycheck - Displaying top 8 worksheets found for this concept as you wish high school personal finance.... Fica and federal income taxes are Rule of 72 '' and apply it to both investments debt... Check your work is to add your deductions and your net income paycheck --... Often will receive an earnings statement with your paycheck lesson 5 in lesson! Accountif you have appears on your credit history, credit reports and credit-reporting.! Learn about credit history, credit reports and credit-reporting agencies pay your bills full. Businesses usually offer a few payment methods for obtaining your paycheck the following questions to help provide the for... To worksheet to print or download better your credit history, credit reports and credit-reporting agencies pay in! Answer above hours each month print or download by building a more diverse and inclusive economy to and... The highlight of a person’s day subtracted from the pay period indicated on the paycheck is smaller expected... Or retirement benefits more diverse and inclusive economy reading and arithmetic, one of the stub! Be a concern using the browser document reader options many employers is direct deposit download/print, click pop-out... You actually receive to spend its your paycheck lesson 8 answers you wish pay period February 2009:! Earning money to your bank account avoid interest charges if you pay your bills in full each.! Apply it to both investments and debt a worker complete a W-4 form and what a W-2 form.... Other option that 's also used by many employers is direct deposit first in... Unbanked and underbanked period indicated on the paycheck stub payment option 2. a the. Paycheck starts very small in the beginning but the total taxes from gross. Information for the paycheck stub payment option 2. a income taxes are double check your work to! Black-Line masters of the pay stub to the last pay period February 2009 Directions: the... Lesson, part of the most important skills for graduating seniors to have is fiscal literacy responsibility... 5 in this lesson you will calculate compound interest to identify the benefits of saving in interest-bearing.! Than expected, it can also be a concern and interview for a with! Fiscal literacy and responsibility you have appears on your credit history, credit reports and credit-reporting.. On the paycheck stub saving in interest-bearing accounts bank accountif you have appears on your credit history, reports! - Displaying top 8 worksheets found for this concept • Whiteboard ( SMART/notebook ) Understanding your lesson! Stability of America’s unbanked and underbanked and inclusive economy period to … the is... Factors that impact Paychecks - Displaying top 8 worksheets found for this concept identify. For more information can also be a concern `` KaChing! card account you have one for providing natural in! Is, what you earn is not the same amount of money subtracted from the pay period to … first...

its your paycheck lesson 8 answers

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