Earning & Spending Money

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Presentation transcript:

Earning & Spending Money Personal Finance

Personal Finance Tuesday, March 14, 2014 Objective: Students will understand employment forms, and be able to “decode” a paycheck stub. Journal: What are some things that are taken from your paycheck before you get it? What do these things mean? Agenda: Earning & Spending Notes, Part 1 Employment forms “Decoding” your Paystub Paystub Worksheet (done together)

Employment Forms W-4: I-9 “Employee’s Withholding Allowance Certificate” Tells your employer how much income tax to hold out of your paycheck. I-9 “Employment Eligibility Verification Form” Verifies that you are legally able to work in the USA. You may not actually see this form

What the Check!?!? Where is my money going? Mandatory Deductions: Federal & State Income Taxes FICA = Federal Insurance Contribution Act Social Security & Medicare Optional Deductions Insurance, Retirement (401k), etc.

Sample Paycheck Stub Which Deductions are Optional? Which Deductions are Mandatory? $8 x 40 hours = $320 Deductions ($8 x1.5 = $12) x 4 hours = $48 Total Gross Pay = $368.00 (Regular + Overtime) Total Net Pay = $232.55 (Gross Pay – Total Deductions)

Percentage of Deductions To figure what percent of your check is withheld… Deduction ÷ Gross Pay $135 ÷ $368 = .366 = 37% LET’S PRACTICE!!

Personal Finance Tuesday, March 4, 2014 Objective: Students will understand employment forms, and be able to “decode” a paycheck stub. Journal: What are some things that are taken from your paycheck before you get it? What do these things mean? Agenda: Earning & Spending Notes, Part 1 Employment forms “Decoding” your Paystub Paystub Worksheet (done together)

Personal Finance Wednesday, March 5, 2014 Objective: Students will understand employment forms, and be able to “decode” a paycheck stub. Journal: Besides income, what other taxes do we have to pay? Why do we pay taxes? Agenda: Earning & Spending Notes, Part 2 The “T-Word” Tax Forms 1040EZ Tax Form (done together)

The “T” Word Paying Taxes Sales Tax Property Tax Income Tax Flat/Fair Tax

Why do we pay taxes? Protection Education Mail Service Roads & Highways Government Programs Welfare, Unemployment, Medicare, Social Security, etc.

Tax Forms W-2: 1040EZ “Wage & Tax Statement” Tells you how much you earned in the past year & How much you paid in taxes You need it to complete your tax forms 1040EZ “Tax Form for Single with No Dependents” No one depends on you for support Your taxable income was less than $100,000

Personal Finance Wednesday, March 5, 2014 Objective: Students will understand employment forms, and be able to “decode” a paycheck stub. Journal: Besides income, what other taxes do we have to pay? Why do we pay taxes? Agenda: Earning & Spending Notes, Part 2 The “T-Word” Tax Forms 1040EZ Tax Form (done together)