Suggested Money Lesson Plan
for this Worksheet
Give an introductory lesson about earning
Explain that income is money earned by a
worker. When you work, you often will receive an earnings
statement with your paycheck. However, you will not be able to "take
home" all of the money that you earn, since taxes, social
security, and other items will be deducted.
The earnings statement may also referred to a pay stub, wage statement, pay slip, salary slip, or paycheck stub.
Gross pay, net pay, gross income, net income, taxable income, earnings, deductions, regular time, over time, federal tax, state
tax, social security, health insurance, 401K savings, IRA, FICA, Medicare.
Questions to ask:
Describe the difference between gross and net pay?
What are pre-tax deductions?
Why do we pay taxes?
This worksheet contains a random sample earnings
statement covering a 14 day period (10 days of work).
Have the students answer the questions using
the information contained in the earnings statement.
Also, separately, we have included the option to create your own personalized classroom earnings statements..