Income and EmploymentHow can we make a plan about our money if we don't have any? Let's begin personal finance with how wages are calculated.
Objective: Students will be able to list, explain and calculate 5 different ways employees are paid.Why don't we bring home all the money we earn?Objective: Students will be able to list and explain mandatory and voluntary deductions that may be taken from an employee's wages.Students will be able to define gross and net pay.Students will be able to read a pay stub.How does the employer know how much tax to deduct from your wages?Objective: Students will be able to explain the purpose of the W-4 form and the need for your employer to have your correct social security number. http://www.irs.gov/pub/irs-pdf/fw4.pdfThe government has enacted many employment laws to protect the employee:
Objective: Students will be able to recognize employment laws and the purpose of each.Employers offer a variety of benefits and have policies and procedures that guide workplace behaviors.Objective: Students will be able to list benefits an employee may offer and explain the reason employers have policies & procedures.Objective: Students will be able to list what expectations employers have employees and vice versa.Assessments:Test on above topics:Â test will be administered on Quia and will include matching, multiple choice, and short answer.Career Research Project:Students will research a career of high interest and create a brochure; including salary, benefits, tasks, education, etc.Students will use the salary from this career to analyze how much net pay will be used for living expense according to the statistics.
- Social Security and Medicare (7.65% tax),
- Worker's Compensation,
- Federal Family Medical Leave Act,
- NJ Family Leave Act,
- Fair Labor Standards act (or wage and hour act); governs overtime pay and minor laws
- EEOC (laws against discrimination and sexual harassment).