You want how much? By: Ms. Debbie
What is my take home salary? • How do you figure out what your salary is? To figure out what your take home salary is you…. • Multiply your salary by the amount of hours you work $7.00/hour times 5 hours worked equals pay $35.00 or does it?
What about deductions? • You know Social Security taxes and income taxes. So how does that figure in my take home pay?
These are called Deductions • Deductions are those state or federally mandated monies which are taken from a person’s paycheck. They help pay for government programs such as Women, Infant and Children(WIC) and Colorado Childcare Assistance Program (CCAP). These programs need to be paid for by the people of the United State who earn a paycheck. They are not free programs! Someone has to pay for these and that someone is you the working individual.
How do I know how to figure out what is being deducted from my paycheck? • Every state is different in the amount of deductions that are taken from your check. You need to check with your Human Resource Person to know exactly how much will be taken per check and how often the deductions will be made.
My check is smaller and smaller! • For the sake of this activity let’s say that you are paid every week and the total amount of the deductions is $3.50 per check. That is 10% of your total or gross earnings. • So if you made $35.00 gross your take home pay would be $31.50. That would be the amount you would actually get on your check for the week.
How do I estimate the costs of items my baby may need? • The best way to estimate the costs of items is to list the items you think you need, check the costs on line or in catalogues, list the costs and add them to get a total. Try this activity now and estimate the cost you will need for a baby’s first 3 months of life.
Does your take home pay cover the estimated cost of your baby? • It is important to take your estimated costs and subtract them from your take home pay to make sure you can cover the cost of the baby. • How do your finances look? Will you be able to afford the baby for the first three months of life? If you need to supplement, what programs are available?
Programs that can help Discuss with each other and your teacher what each of the following programs due… • County Health Department • Medicaid • Supplemental food programs • Section 8 Housing • Food Stamps • Department of Human Services
Activity • Complete and hand in your Fill-gap worksheet.