Practical Money Skills for Life: Understanding Your Take Home Pay
Example Web Site and/or Technical Equipment Required
Tech Product Equipment
Computer(s), Internet access
In this activity, students explore different payroll deductions, learn about annual tax returns, and analyze employer-sponsored savings programs.
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- Review the Teacher’s Guide and Student Activities for Lesson 13: Understanding Your Take Home Pay.
- Introduce the lesson and activity.
- Hand out the student activity sheet Paystub Puzzles: Putting the Pieces Together and review the first example together as a class.
- Engage the class in a discussion about taxation.
- Using the activity sheet, discuss federal, state, Medicare and social security taxes.
- Introduce Challenge: Hunt for Savings activity.
- Split the class into groups of four or five.
- Ask each team to review the remaining paystubs on Paystub Puzzles: Putting the Pieces Together.
- Have students share their ideas and engage the class in a discussion about adjusting deductions to maximize savings.
- Have students write about the elements they will consider in the future.
The entire lesson takes about one hour.
Be sure to check out the other lesson plans available
Select subjects and subcategories
- Consumer Math