STUDENT RESPONSIBILITIES EVERYDAY DURING THE SIMULATION:
- Login daily
- Pay bills on-time
- Adjust 401(k) contribution % and bank account type, as needed
- Read simulation communications via email, Dashboard Alert, and push notifications
- Maintain their CFS reconciled
- Take quizzes and surveys
- Review pay stubs and W-2
- Use the Student Quick Tips to help navigate the simulation and perform common tasks
- Use the Knowledge Base to answer questions about the game, scoring, website navigation, etc.
GOAL: Understand paychecks & taxes.
DON’T BE THAT GIRL WHO SPENDS HER PAYCHECK WITHOUT UNDERSTANDING HER INCOME TOPIC: READING A PAYCHECK WHAT TO DO:
- If you get a job that pays $500 a week, does that mean you take home $500? Why or why not?
- Predict how much money will be remaining for “take-home pay” after deductions.
- Open PAYCHECKS STUDENT ACTIVITY and review the sample paycheck.
- Notice the various deductions and the difference between gross and net income, refer to the Student Glossary as needed.
- Once you understand the different paycheck components, answer Mariya’s questions.
- REMEMBER: we can control some deductions, such as 401(k) contributions, but others, such as federal and state taxes, are required and paid by everyone who works.
- How will you apply this knowledge to the Budget Challenge? What deduction choices will you make in the Budget Challenge and why? How much will you devote to savings and a 401(k)?
DON’T BE THAT GUY WHO DOESN’T UNDERSTAND HIS TAXES TOPIC: UNDERSTANDING TAXES WHAT TO DO:
- What do you know about taxes? What types of taxes do we pay? Why do we pay taxes? How do we pay taxes?
- Open PAYCHECKS STUDENT ACTIVITY and review the deductions on Mariya’s paycheck, referring to the Student Glossary as needed.
- When you start a new job, you will be asked to fill out a W-4, which gives employers information to calculate deductions from future paychecks. Look at a sample W-4 (found on www.IRS.gov).
- Employers track your earnings and deductions all year long. In January of the following year, your employer will send you a W-2, stating how much you earned and how much was withheld for taxes. Look at a sample W-2 from www.IRS.gov.
- TAX ACTIVITY