Unit 3 Budget: Don’t Go Broke. Overview: What is a Budget?. Objectives. Some of the questions you will be able to answer by the end of this unit are: What is a budget, how does it work, and how can it help you? How do taxes and other payroll deductions affect your paycheck ?
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Overview: What is a Budget?
Some of the questions you will be able to answer by the end of this unit are:
What is a budget, how does it work, and how can it help you?
How do taxes and other payroll deductions affect your paycheck?
What does “P.Y.F.” mean and how can it benefit you?
How can you make the best use of your cash?
Open the link.
How to Read Your Paycheck
Discuss the pay check as a class. Click on the links and talk about earnings, deductions, and so on.
Watch the video.
Discussion Question: What would you change if you were in charge?
How Did We Start Paying Income Tax
Click on the map below. When you get to the page, click on Oregon. Discuss with a friend the tax load an individual carries in Oregon. Choose a state other than Oregon in which you would like to live. How does its tax load compare to Oregon’s?
Take notes on Oregon and the state of your choice in your notebook. Email this site to yourself for possible placement in your online portfolio.
Read through a copy of the W-4 provided by your instructor and place it in your portfolio.
Answer the questions on the next page using this pay stub.
Pay Stub Activity Questions: Copy the questions into your notebook then answer from the previous slide.
Who is the employee?
Who is his employer?
What is the length of the pay period he just worked?
How many total hours did he work during this pay period?
What amount per hour does he get paid?
Did he have any pay other than work hours? If so, what were they for and how many hours?
What is his gross income?
List the type and amount of each payroll deduction. The state taxes are for New Jersey. Does Oregon have similar taxes?
What is his net income?
What amount has been available for his financial goals year-to-date?
Make sure that the items from this unit are placed in your portfolio.
Watch the video. What does it tell you about success?
How Bad Do You Want It
TEXT AND ASSIGNMENTS
NEFE High School Financial Planning Program, Student Guide. National Endowment for Financial Education. Greenwood Village, CO. 2001.
Page 4: “How to Read Your Paycheck.” Payroll Services. University of Washington: Pullman, WA. 2014.
Page 6: “How Did We Start Paying Income Tax?” Brainstuff: How Stuff Works.
Page 7: “Taxes by State.” Retirement Living Information Center. 2014.
Page 12: Howell, Matthew. “How Bad Do You Want It.” Video.
Page 4: “Five Ways to Demonstrate Your E-Learning Success.” The Rapid E Learning Blog. 2012.
Page 9: W-2 and 1099 Tax Statements. myfreetaxes.com
Page 10: “Sample Paycheck and Pay Stub.” New Jersey Payroll Services LLC.