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Assignment #1: Understanding Your Paycheck

It's ok to use a calculator if ok with your parents.

Follow the instructions below. If you get stuck, you can send us a message and ask for help.

Adding Up Minutes to Hour

Here's a short cut for adding up your minutes to make an hour

15 minutes = .25 

30 minutes = .50 

45 minutes = .75 

60 minutes = 1.00

Getting Paid by the Hour

Let's say you didn't work 1 full hour but 15 minutes. You will be paid one quarter of one hour, which is the same as .25 percent
(like 4 quarters make $1.00)

Please use $12 as your hourly pay and 15 minutes of work
for the exercise below 

Multiply $12 by .25

This will be called your "Gross Pay"
(also known as your pay BEFORE taxes)

GROSS PAY

Next, calculate your tax to pay. You will multiply your "Gross Pay" x's your tax bracket amount.

( Let's use 20% as you tax bracket )

TAX TO PAY

Lastly, subtract your tax from your Gross pay amount. Your final paycheck amount is your "Net Pay"

(also known as your pay AFTER taxes)

NET PAY

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You pay federal taxes to the IRS (Internal Revenue Service) out of your paycheck.
The IRS uses the money to build schools, parks and other things your State needs.

(Don't forget to turn in your timesheet under "Payday" on the Ambassador's page)
THANK YOU FOR YOUR HARD WORK ON THIS ASSIGNMENT !

PLEASE RATE THIS ASSIGNMENT. HOW MUCH YOU ENJOYED IT (or not).
(5 stars is the excellent. Anything in-between is ok too)

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