Understanding Your Paycheck and Tax Forms

1.13.1f. Slides 16-30 – Individually review each part of a paycheck stub.i. Allow time for students to answer questions on the note taking guide.ii. Discuss the answers to the questions.1. If Thomas earned $6.00 per hour, and worked 15 hours this pay period, whatwould his gross pay be?a. $6.00 per hour * 15 hours = $90.002. Why is it important for Thomas who is 25 years old to put money into a retirementplan?a. The time value of money – if Thomas starts saving early, his money willhave more time to earn interest.6. Pass out one Understanding Your Paycheck information sheet 1.13.1.F1 to each student.7. Have students correct their note taking guides using the Understanding Your Paycheck information sheet1.13.1.F1.ConclusionAs a review, students may play Where Did All the Earnings Go? activity 1.13.1.H1.• This activity is designed to review and discuss all of the concepts covered in the information sheet andPowerPoint presentation.• To set up and play the game, review the Where Did All the Earnings Go? Instructions 1.13.1.J1.AssessmentHave students complete the Paycheck Stub 1 worksheet 1.13.1.A2 and Reviewing Paychecks and Taxes worksheet1.13.1.A4.• The Paycheck Stub 2 worksheet 1.13.1.A3 is available to provide students with additional practice.Student learning may also be assessed using the Understanding Your Paycheck worksheet 1.13.1.A1 or by providingparticipation points for the Where Did All the Earnings Go? activity 1.13.1.H1.MaterialsUnderstanding Your Paycheck worksheet – 1.13.1.A1Paycheck Stub 1 worksheet – 1.13.1.A2Paycheck Stub 2 worksheet – 1.13.1.A3Reviewing Paychecks and Taxes worksheet – 1.13.1.A4Understanding Your Paycheck information sheet – 1.13.1.F1Understanding Your Paycheck and Tax Forms PowerPoint presentation – 1.13.1.G1Where Did All the Earnings Go? game cards – 1.13.1.H1Where Did All the Earnings Go? Instructions – 1.13.1.J1Where Did All the Earnings Go? Answers – 1.13.1.K1Understanding Your Paycheck and Tax Forms note taking guide – 1.13.1.L1Form W-4Form W-2Form I-9ResourcesInternal Revenue Service (IRS)www.irs.gov/formspubs• Government tax forms may be downloaded here including the Form W-4 and Form W-2.© Family Economics & Financial Education – Revised September 2006 – Paychecks and Taxes Unit – Understanding Your Paycheck and Tax Forms – Page 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona