This WebQuest is designed to introduce students to the different types of paycheck deductions and how to calculate them.
Curriculum Standard(s)
BCS-FL-2. Students will analyze employee deductions and benefits that affect financial security.
a. Compute payroll deductions and net pay.
b. Identify optional and required employee benefits and recognize their value as additions to net pay.
BCS-FL-3. Students will analyze taxes in the United States that affect income.
b. Define basic tax terminology.
Aim/Purpose Statement
The "Where Did My Money Go?" curriculum web helps high school students and young adults understand United States payroll taxes and the difference between gross and net pay. It specifically encourages them to think about how these calculations will affect their own financial lives and decisions.
Rationale
This curriculum exposes students to the real world scenario of receiving a paycheck and encourages them to understand all the information provided on the attached paycheck stub. The design encourages young adults to start making responsible financial decisions before they begin their independent adult lives.
Given the current economy and record number of bankruptcies and home foreclosures, it is obvious that basic personal finance education is needed in the United States. By exposing students to these concepts now, they can develop responsible habits and attitudes toward money as they begin their lives rather than trying to fix costly mistakes later.
General Educational Goals
This curriculum web was written by a payroll industry professional who felt that the current economic crisis in the United States was caused in part by a lack of financial literacy in the general population. This unit was developed to get high school senior thinking about how their disposable income is calculated and how to make responsible financial decisions with it.
Subject Matter Description
- Computing payroll deductions and net pay
- Defining and examining the value of common non-tax payroll deductions
- Defining basic tax terminology
- Explaining the purpose of Federal, State and FICA income taxes
- Completing IRS Form W-4 and Georgia Form G-4
- Making responsible financial decisions with disposable income
Learner Description
The activities in this module are designed for high school seniors (grade 12). The subject matter and activities are appropriate for any high school student who have or have had paid work experiences and are interested in a better understanding of their paycheck stubs.
Prerequisites
Students should:
- Know how to use a web browser and conduct simple searches
- Know how to use a calculator and compute percentages on it
- Be motivated to learn about income and how to make responsible decisions with it
Learning Objectives
Upon completing this curriculum web, students will be able to:
- Define basic tax and payroll terminology
- Compute Federal and Georgia income taxes
- Calculate net pay
- Define and determine the value of optional and required employee benefit deductions
- Explain the purpose of Federal, FICA and Georgia income taxes
- Understand and complete an IRS Form W-4 and Georgia Form G-4 correctly
- Use net pay to begin making responsible financial decisions
Instructional Plan
This module provides opportunities for learners to have both cooperative small group and independent experiences as they work through calculating net pay on a paycheck. For each lesson, the teacher will introduce that day's concept, then the group will apply the concept to their assigned sample employee. Each student will also apply that concept to their individual project, based on their own career aspirations.
Here is an outline of the learning activities.
Day One/Introduction:
The teacher splits the class into groups of 3 or 4 students. Each group will be assigned their sample employee profile by selecting a profession, marital status, and number of exemptions from a hat. The teacher will then handout sample paycheck stubs and lead a discussion about what students think the items listed are.
Homework: Students will ask their parent/guardian what items are listed or could be listed on their paycheck stubs. Students will create a list of these items to discuss in class.
Day Two/Deductions:
The class will discuss the deductions on their list and the benefits of them. The groups will create deduction flash cards and quizzes on Quizlet.
Day Three/Taxes:
The class will discuss the purpose of Federal, State and FICA taxes.The teacher will explain and demonstrate how to complete the IRS Form W-4 and Georgia Form G-4. Student groups will complete the forms for their sample employee after completing the IRS Understanding Taxes Tutorial and W-4 Simulation.
Homework: Each student will complete a W-4 and G-4 for themselves to use in their individual project.
Day Four/ Calculations:
The teacher will demonstrate how to use the Simply Hired and Indeed websites to look up an annual salary for a specified profession in the Atlanta area. The teacher will also demonstrate how to calculate the gross pay for a bi-weekly check from the annual salary. Students will look up the annual salary for their group's assigned profession and calculate the bi-weekly gross pay. Each student will look up the average annual salary for their desired career for their individual project and calculate the bi-weekly gross pay.
Homework: Begin creating sample paycheck in Excel for individual project.
Day Five/Calculations:
The teacher will demonstrate how to look up and calculate Federal income tax using IRS Publication 15: Circular E. The teacher will also demonstrate how to calculate Georgia state income tax. Student groups will calculate the Federal and state income tax for their sample employee and complete tax worksheet.
Homework: Calculate Federal and Georgia income tax and complete Excel spreadsheet for individual project. Begin reflection assignment.
Day Six/Group Projects:
Groups will create group project to explain payroll deduction, tax or tax forms to their peers.
Homework: Finish individual projects.
Day Seven/Group Projects:
Groups will finish group projects and present to the class. Class will brainstorm how to share their projects with their peers outside of the class. Students will hand in their individual paycheck stub and reflection projects.
Assessment Plan
Learner knowledge will be evaluated by the group and individual projects produced during this unit. Upon completion, each group will have created a sample employee paycheck, completed a sample W-4 and G-4 for their sample employee, have working definitions of basic tax and payroll terminology, and created a presentation or handout that can be used to educate their peers about basic payroll concepts. Each student will complete a W-4 and G-4 based on their own personal situation, a sample paycheck based on their career aspirations and a reflection piece about the lifestyle that their sample paycheck could support.
Both the groups and the individual students will be evaluated based on mathematical and conceptual accuracy, organization, and overall appearance.
Group Project Rubric: http://rubistar.4teachers.org/index.php?screen=PrintRubric&rubric_id=1953073&
Individual Project Rubric: http://rubistar.4teachers.org/index.php?screen=PrintRubric&rubric_id=1953100&
Implementation Plan
Teaching Plan
This curriculum web will be conducted in the school computer lab. It will be used by high school students in grades nine through twelve. Technology assistance will be provided by the school media specialist, instructional technologist and/or software customer service. Students will have extended computer access after school and during study hall.
In a class size of 27 students, 9 computers will be used with students placed into groups of 3. The computer-to-student ratio will be 1:3.
Evaluation
The curriculum web will be tested by payroll professionals, other business education teachers and volunteer students from the intended age range.
Technologically Unprepared Students
Tutorials will be created covering the basics of using Microsoft Excel and conducting an Internet search.
Back-Up Plan When Technology Is Unavailable
Several printed copies of IRS Publication 15 will be available. I will also have 3-4 calculators available so the student groups can still work on their calculations. Students will be required to have their notebooks and pens at each session so they can work on their reflections during any down time.
Classroom Management
Each student group will be randomly asked to show their progress to monitor student behavior.
Students who misbehave will be removed from their student group and required to complete their assignments without the use of a computer during class time. It will be up to them to access the needed resources outside of class to complete their assignments.
Follow-Up Activities
The final projects produced by the student groups will be presented to another class meeting during the same time period. Students will be responsible for teaching this class about paycheck stubs and how to calculate net pay.
Student progress will be assessed based on a rubric that will be reviewed at the beginning of the assignment.
Evaluation Plan
Feedback will be collected through a suggestion form embedded within the curriculum web. Students will be encouraged to use this form. Instructors who use the curriculum web or who plan to use it will also be encouraged to submit a response.
Contact Information
Kaia Alderson
Instructional Technology graduate student
University of West Georgia, Carrollton, Georgia
stu.westga.edu/~kalders1/curriculum_web/home.html |
