VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2017

STUDENT RESPONSIBILITIES EVERYDAY DURING THE SIMULATION:

  1. Login daily
  2. Pay bills on-time
  3. Adjust 401(k) contribution % and bank account type, as needed
  4. Read simulation communications via email, Dashboard Alert, and push notifications
  5. Maintain their CFS reconciled
  6. Take quizzes and surveys
  7. Review pay stubs and W-2
  8. Use the Student Quick Tips to help navigate the simulation and perform common tasks
  9. Use the Knowledge Base to answer questions about the game, scoring, website navigation, etc.

TODAY:

GOAL: Understand paychecks & taxes.

DON’T BE THAT GIRL WHO SPENDS HER PAYCHECK WITHOUT UNDERSTANDING HER INCOME TOPIC: READING A PAYCHECK WHAT TO DO:

  1. If you get a job that pays $500 a week, does that mean you take home $500? Why or why not?
  2. Predict how much money will be remaining for “take-home pay” after deductions.
  3. Open PAYCHECKS STUDENT ACTIVITY and review the sample paycheck.
  4. Notice the various deductions and the difference between gross and net income, refer to the Student Glossary as needed.
  5. Once you understand the different paycheck components, answer Mariya’s questions.
  6. 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.
  7. 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:

  1. What do you know about taxes? What types of taxes do we pay? Why do we pay taxes? How do we pay taxes?
  2. Open PAYCHECKS STUDENT ACTIVITY and review the deductions on Mariya’s paycheck, referring to the Student Glossary as needed.
  3. 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).
  4. 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.
  5.  TAX ACTIVITY