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    Student Activity Packet SC-1.1

    Uploaded by

    Kenneth Reed
    This document provides an overview of a lesson on taxes and reading a pay stub. The lesson objectives are to: 1) Explain where income taxes are collected from and how they provide revenue for public expenses. 2) Read a pay stub and describe the different deductions. The lesson contains interactive activities for students to learn about where tax dollars are spent, how to read a pay stub, and complete practice problems identifying parts of a pay stub.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Student Activity Packet SC-1.1

    Uploaded by

    Kenneth Reed
    968 views3 pages
    This document provides an overview of a lesson on taxes and reading a pay stub. The lesson objectives are to: 1) Explain where income taxes are collected from and how they provide revenue for public expenses. 2) Read a pay stub and describe the different deductions. The lesson contains interactive activities for students to learn about where tax dollars are spent, how to read a pay stub, and complete practice problems identifying parts of a pay stub.

    Original Title

    Student Activity Packet SC-1.1 (1)

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    This document provides an overview of a lesson on taxes and reading a pay stub. The lesson objectives are to: 1) Explain where income taxes are collected from and how they provide revenue for public expenses. 2) Read a pay stub and describe the different deductions. The lesson contains interactive activities for students to learn about where tax dollars are spent, how to read a pay stub, and complete practice problems identifying parts of a pay stub.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    968 views3 pages

    Student Activity Packet SC-1.1

    Uploaded by

    Kenneth Reed
    This document provides an overview of a lesson on taxes and reading a pay stub. The lesson objectives are to: 1) Explain where income taxes are collected from and how they provide revenue for public expenses. 2) Read a pay stub and describe the different deductions. The lesson contains interactive activities for students to learn about where tax dollars are spent, how to read a pay stub, and complete practice problems identifying parts of a pay stub.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3
    At a glance
    Powered by AI
    The key takeaways are that taxes provide revenue for public expenses like education, military, and healthcare. A pay stub shows gross pay, deductions, and net pay.

    The top three categories the government spends tax dollars on are healthcare like Medicare and Medicaid, Social Security, and national defense/military.

    Some common deductions seen on a pay stub include taxes (federal, state, local, FICA), retirement contributions (401k, IRA), and health insurance.

    Semester Course

    1.1 Taxes and Your Pay Stub


    Student Activity Packet

    Name:

    In this lesson, you will learn to:


    ● Explain where income taxes are collected from and how they provide revenue for public expenses
    ● Read a pay stub and describe the different deductions

    Resources Questions
    Estimated time: 5 mins
    What are the top three
    1 expenses the government Americans pay different kinds of taxes: income tax, sales tax, etc. What do you think are
    pays for with our tax dollars? the top three categories the government spends our tax dollars on?
    Discuss this question with
    your classmates or with a
    partner.

    Estimated time: 7 mins


    If Paychecks Could Talk
    2 Everyone pays taxes, and many 1. What does FICA consist of?
    people complain about them. a. Health Insurance
    But why? b. Social Security & Medicare
    c. Federal & State Taxes
    Watch this video to learn where d. Employer Sponsored Retirement
    tax revenue comes from and
    what exactly the government is 2. What are 2 examples of discretionary spending?
    spending that money on. a. Social Security
    Follow your teacher’s directions b. Education
    to answer the questions either c. Military
    in your student activity packet d. Medicare
    or within the EdPuzzle itself.
    NOTE: EdPuzzle videos shuffle 3. All of the following options are benefits we receive as a result of government
    answer choices and do not spending EXCEPT…
    always match the order a. Air quality
    provided in the lesson here. b. Credit card debt forgiveness
    c. Public school education
    d. National Parks maintenance

    Estimated time: 5 mins


    Your Federal Income Tax
    3 Receipt 1. What’s one category you wish fewer taxes were spent on? Why?
    This interactive calculator
    allows you to see a “receipt”
    for your taxes, detailing exactly
    where your dollars were spent.

    www.ngpf.org Last updated: 1/15/20


    1
    Enter your federal income taxes
    paid for the previous year into
    the calculator. If you didn’t pay 2. What’s one category you wish more taxes were spent on? Why?
    federal income taxes, enter
    $6,388 (taxes paid for a salary
    of $53,891 - the median salary
    of a U.S. household). Then
    answer the questions at right.

    Estimated time: 3 mins


    How to Read a Pay Stub
    4 Reading your pay stub can be 1. What is the difference between gross pay and net pay?
    challenging if you don’t know a. Gross pay is before taxes and deductions are subtracted; Net pay is your
    where to start! Watch this short take-home pay.
    video on how to read a pay b. Net pay is before taxes and deductions are subtracted; Gross pay is your
    stub. Then follow your take-home pay.
    teacher’s directions to answer c. There is no difference between gross and net pay.
    the questions either within the
    EdPuzzle itself or on this 2. What are Pre-Tax Deductions and Contributions?
    document. a. Contributions taken out of your paycheck BEFORE taxes are calculated
    on your income
    NOTE: EdPuzzle videos shuffle b. Contributions taken out of your paycheck AFTER taxes are calculated on
    answer choices and do not your income
    always match the order
    provided in the lesson here. 3. What are two examples of Employer Contributions?
    a. 401k & Roth IRA
    b. Traditional & Roth IRA
    c. Federal & State Taxes
    d. Health Insurance & 401k

    Estimated time: 8 mins


    Reading a Pay Stub
    5 It’s now time to practice 1. Identify any questions you have from doing the interactive.
    reading a pay stub! Follow the
    directions in this interactive to
    complete all 3 parts of the
    simulation. Identify any
    questions you have below as
    you are completing the
    simulation.

    Estimated time: 12 mins


    The Fine Print: Pay Stub
    6 Now that you’ve had some
    practice reading a pay stub,
    let’s look at a sample pay stub
    and put all of your skills to the
    test! Follow the directions on
    the worksheet to complete this
    activity.

    Estimated time: 5 mins


    Exit Ticket
    7 1. In your own words, explain why we pay taxes.

    www.ngpf.org Last updated: 1/15/20


    2
    2. Identify two deductions you will see on your pay stub.

    3. Distinguish between net pay and gross pay.

    www.ngpf.org Last updated: 1/15/20


    3

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