Paystubs and Deductions
This is the total amount of money you earn before taxes and deductions.
Gross Pay
College, trade school, apprenticeships, and entering the workforce are all examples of this.
Postsecondary Pathways
This stands for Free Application for Federal Student Aid.
FAFSA
This type of tax is commonly added when you purchase goods or services.
Sales Tax
This employee benefit gives workers paid time away from work for vacation, illness, or personal days.
What is PTO?
This is the amount of money you actually receive after taxes and deductions are taken out.
Net Pay (Take Home Pay)
This term describes how much money someone may be capable of earning over time.
Earning Potential
This type of financial aid generally does not have to be repaid and is often based on financial need.
A Grant
This type of tax applies to property such as a home or real estate.
Property Tax
This benefit allows an employer to contribute additional money toward an employee's retirement savings.
What is a 401(k) employer match?
An employee earns $750 in gross pay and has $125 in deductions. What is the employee's net pay?
$625
This tells you whether employment opportunities in a career are expected to grow or decline.
Job Outlook
Unlike grants and scholarships, this form of financial aid must be repaid.
Student Loan
What are the four main income taxes taken out of your paystub?
1. Federal Income Tax
2. State Income Tax
3. Social Security
4. Medicare
Name three employee benefits that could make a lower-paying job more attractive.
Health insurance, PTO, retirement matching, dental/vision insurance, paid training, etc.?
Name three pieces of information you would expect to find on a pay stub.
Gross Pay, Deductions, Net Pay
Name three factors other than salary that someone should consider when comparing careers.
Benefits, education/training, schedule, job stability, job outlook, advancement opportunities, personal priorities, etc.
What is the main purpose of completing the FAFSA?
To determine eligibility for financial aid.
Gasoline and tobacco are examples of specific goods that may be subject to this type of tax.
Excise Tax
An employee receives 10 paid vacation days per year. Why is this considered a financial benefit?
The employee still gets paid during time off.
Taylor earns $18.50 per hour and works 32 hours. If $104 is deducted from the paycheck, what is Taylor's net pay?
$488
Career A requires four years of education and significant student debt. Career B requires one year of technical training and allows you to begin working sooner. Identify one financial trade-off between these paths.
Career A requires more time/debt but may provide different long-term opportunities
Career B allows earlier earnings with less education cost.
Choosing a longer student-loan repayment period will usually do these two things to the borrower's payments.
1. Lower monthly payments
2. longer repayment period
A state decides to increase the excise tax on gasoline. Give two possible ways this increase could affect consumers.
Consumers may pay more for gasoline and may respond by driving less, carpooling, using public transportation, or spending less money on other purchases.
You're comparing two job offers. Name five factors you should consider to get the most complete picture of each opportunity.
Pay, benefits, work schedule, job stability, advancement opportunities, personal priorities, education requirements, etc.