4 Week Job simulation, paycheck, taxes - Financial Literacy

Paycheck/Taxes Simulation

This project is a Life Skills project, primarily directed towards 15-17 year

old students, but could easily accommodate younger students.

This project is a 4 week job simulation. Students fill out a time card for

each week. They calculate straight time, overtime, and double time.

They determine and subtract the deductions (federal income tax, FICA

and Medicare). Weeks get progressively more difficult as far as

calculating the elapsed time. Week 4 includes 2 options- standard time

and 24 hour time.

This project also includes a W-4, W-2, and 1040EZ simulation. You can

take it as far as you feel your students need to go.

Lesson includes

*Skills Review worksheet (convert decimals, fractions, percent;

convert time to decimal; multiply decimals; calculate elapsed

time)

*Blank W-4

*Blank time cards

*Federal weekly withholding table.

*4 weekly simulations detailing times worked

*Simulated W-2 with questions

*Federal 1040EZ Tax Table

*1040EZ Tax form

*Short quiz

*Glossary of 13 terms

*Teacher keys to all student activities