Lesson
Understanding Your Paycheck
Summary
The amount earned at a job isn't the amount available to spend. Learn about gross and net pay and mandatory payroll deductions.
Bellringer: Where Does the Missing Money Go?
- Students guess where the "missing" money in a paycheck goes.
- Discuss how withholdings add up over time.
Instruction
- Define gross, net, and taxable income.
- Explain mandatory deductions: FICA (Social Security and Medicare), federal and state income taxes.
- Introduce flat vs. progressive tax systems.
Discussion: Flat vs. Progressive Tax
- Students physically move to sides of the room—flat tax left, progressive tax right.
- Facilitate debate using provided prompts; challenge each side with counterarguments.
Activity: Paycheck Deductions Worksheet
- Students complete the "Paycheck Deductions" worksheet alone or in pairs.
- If time allows, students illustrate a concept (gross vs. net, SNAP, Social Security, progressive taxes) as an image or comic strip.
Wrap-Up & Assessment
- List one type of tax deduction taken from your paycheck.
- Which is better to use for budgeting: gross or net pay?
| Est. Time | Activity | Description |
|---|---|---|
| 5 min | Bellringer: Where Does the Missing Money Go? |
|
| 10 min | Instruction |
|
| 10 min | Discussion: Flat vs. Progressive Tax |
|
| 15 min | Activity: Paycheck Deductions Worksheet |
|
| 5 min | Wrap-Up & Assessment |
|
Lesson Prep
High School Personal Finance Workbook
Complete pages 3-4 of the workbook, Paycheck Deductions.
Class Presentation
Includes a 17-slide deck with teacher notes. Present from Banzai, download a PDF, or copy it to Google Slides.
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- Teacher NotesSlide-by-slide guidance, printable as one handout
Income & Retirement
Protecting Your Savings
Making and managing money requires managing risk. This lesson discusses the impact of inflation over time, and goes over the role of diversification in a retirement portfolio.
Understanding Your Paycheck
The amount earned at a job isn't the amount available to spend. Learn about gross and net pay and mandatory payroll deductions.
Benefits & Total Compensation
Total compensation isn't just wages or salary earned. Explore monetary and non-monetary employee benefits, and the pros and cons of common employee benefits.
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