Module 4: Your Paycheck and Budgeting

Now that students are familiar with how to choose a career and get a job, in this unit, they will be introduced to payroll and paychecks.  Students will learn how to calculate payroll and gain an understanding of required and optional deductions.  In addition, we will take a look at a sample family budget, including income and expenses and discuss the need to establish a budget in order to meet financial responsibilities and reach financial goals.

Decode Your Paycheck - what does it all mean?
Paycheck Assignment Sheet

Taxes and Your Paycheck

IRS Quick Payroll Tax Tutorial - explains federal income taxes, social security and medicare deductions from your paycheck.

Taxpayer's Receipt - click here to see how your tax dollars are used by the Federal Government

W-4 Form - click here to see a blank W-4 form with instructions.

W-2 Form - click here to see a sample completed W-2 form and the associated 1040EZ tax form.

Do I Need to File a Tax Return? - click here to access the IRS website that provides information about filing requirements.

1040EZ Form - sample 1040EZ form filled out.