FINANCIAL LITERACY - The Money Trail - Part 12 - Payroll & Deductions, 2019 3rd Ed – students learn the latest requirements that employers must follow when preparing employee paychecks. The Tax Cuts and Jobs Act of 2017 was implemented January 1, 2018. This updated Part 12 incorporates the new tax rules and recommends that workers update the W-4 to include the new tax code. For example, employers are required by law to deduct certain payroll taxes from the gross earnings of their employees. These taxes include federal income taxes, Social Security tax, and Medicare tax. In many states additional income taxes are withheld. Students learn to prepare a payroll register, calculate gross pay, read tax tables, compute taxes, determine net pay, and write payroll checks. Activities 1 & 2 with answer keys include: calculating gross pay; reading weekly and bi-weekly tax tables, prepare a payroll register and write paychecks.
Then, Financial Literacy: The Money Trail Series is just what you are looking for! In each part of the series, students will develop a working knowledge of the financial decisions that they need to make now and in the future. The Financial Literacy Parts are reinforcement activities using current research stats that parallel the standards. They are not intended as stand-alone units rather they are interactive activities between the teacher and students. The Money Trail Series supports the National Standards for Financial Literacy in the following: Earning Income, Buying Goods and Services, Saving Money, Using Credit, Investing, Protecting and Insuring.
Here are the links to all FINANCIAL LITERACY categories where you can find the products that are of interest to you. These links include 24 Chapters and Activities, Instructional PowerPoints for ALL Chapters, Checkpoints (Tests), 3 in 1 Package Deals, Bundles "Galore, and the "Flip of the Die" Budgeting Simulation. For more information, click on these links below:
This activity fits nicely with the FINANCIAL LITERACY - "The Money Trail" series. It is a hands-on computerized (EXCEL spreadsheet) unit that reinforces what students learn when they finish or during the "The Money Trail" Parts. Access to computers is essential when teaching this unit. An option could be to use this activity as a final project. "
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