Educational games on understanding your paycheck

Students read a scenario about a young person's use of a credit card and answer some questions regarding repayment. Students learn about credit history, credit reports and credit-reporting agencies. Students learn about credit rights and responsibilities. Groups use role-play scenarios in order to identify and discuss the rights and responsibilities of using credit. Students learn what a payday loan is and the high cost involved in using such a loan.

Working in groups, students calculate an annual percentage rate APR on a short-term loan. Students review the elements of a contract. They discuss the characteristics of rent-to-own contracts and compare the cost of those contracts with the outright purchase of goods. Read more about our award-winning resources » If you have difficulty accessing this content due to a disability, please contact us at or economiceducation stls. Curator Rating.

Educator Rating Not yet Rated. Grade 10th - 12th. Subjects Math 1 more Resource Type Lesson Plans. Audience For Teacher Use.

Instructional Strategy Discussion. Additional Tags pay , paycheck , math. Show More Show Less. Start Your Free Trial Save time and discover engaging curriculum for your classroom. Meet a teen who repairs broken Xboxes This episode takes you through it all — budgeting, roommates, finding a place, and learning about all the You Are the Target!

Kids and teens are subjected to thousands of commercial messages every day. Tips, commissions, overtime pay, and other applicable sources of income will also be added to your gross pay. Your gross pay is the starting point for calculating your net pay. Since your net pay is your take-home pay after taxes and deductions, you have to understand which deductions are mandatory, and which ones are voluntary.

Federal income taxes, Social Security, and Medicare are all mandatory deductions. As for state taxes, it depends on where you live. Some states require employees to pay a separate state income tax in addition to the other mandatory withholdings. Did you sign up for medical, dental, or life insurance through your organization?