THE BUXX

KID BUXX | Financial Literacy for Our youth

( We know who wants to make money )

Let's discuss "Budgets"

DO YOU RECEIVE ALLOWANCE?

If yes, how much do you receive:

If no, that's ok. Not everyone does.

With Kid Buxx, you will have a chance to make money.

Budgets can be hard even for adults so we're going to take a break here and pick back up next Saturday. All the information you entered is part of next week's assignment.

Thank you for hanging in there !

(Don't forget to enter your timesheet for the time you spent here under "Payday" on the Ambassador's page)

First Name

Last Name

What is a budget ? Yes we're asking again :)

YES

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.

How many hours did you work?

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

Since you didn't work 1 full hour but 15 minutes (or .25 an hour), You will be paid 1 quarter of one hour.

Multiply hours (or minutes you worked) by $12

This will be called your "Gross Pay"

GROSS PAY

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

( we'll use 20% as you tax bracket )

TAX TO PAY

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

NET PAY

How much is your check after you pay taxes?

What do you think of the taxes you just paid?

Who Do You Pay FEDERAL Taxes To ?

First Name

Last Name

What does "IRS" stand for ?

What does the "FTB" stand for ?

What is a W4 form for ?

Who will use the information on my W4 ?

What will the IRS do with my information ?

YES

When should I turn in a new W4 ?

VISIT "IRS" WEBSITE HERE FOR ANSWER ( but come back ) !

What is the amount before taxes called ?

What is the amount after taxes called ?

What does "IRS" stand for ?

What does "FTB" stand for ?

What are (4) Payroll Taxes Paid to the FTB ?

---> Click here to VISIT "EDD" WEBSITE for the answer

( but come back ) !

You may ask, who the heck is the EDD ??!

"EDD" stands for Employment Development Department and they manage California's FTB taxes.

Yes, it can be confusing. There are many taxes and departments.

So we'll take it step by step and come back to EDD later.

Please enter the subject below:

First Name

Last Name

What does "IRS" stand for ?

What does the "IRS" do ?

What is the name of the form the IRS uses to determine how much taxes you have to pay ?

What is a tax bracket ?

How does the IRS determine what tax bracket you are in ?

YES

If you remember your tax bracket percent, write it below:

Fictional paycheck: Gross Pay

1,000.00

A. What would your tax amount be ?

(Hint: Your Gross Amount x's your tax bracket percent)

B. What would your Net Pay be?

(Subtract: A-B)

C. What is the amount before taxes called ?

What is the amount after taxes called ?

Let's Breakdown Some of These Taxes !

The below taxes are paid to help our Senior Citizens, of which we will all be one day.

( We know who wants to make money )

Let's discuss "Budgets"

DO YOU RECEIVE ALLOWANCE?

If yes, how much do you receive:

If no, that's ok. Not everyone does.

With Kid Buxx, you will have a chance to make money.

Budgets can be hard even for adults so we're going to take a break here and pick back up next Saturday. All the information you entered is part of next week's assignment.

Thank you for hanging in there !

(Don't forget to enter your timesheet for the time you spent here under "Payday" on the Ambassador's page)

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.

How many hours did you work?

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

Since you didn't work 1 full hour but 15 minutes (or .25 an hour), You will be paid 1 quarter of one hour.

Multiply hours (or minutes you worked) by $12

This will be called your "Gross Pay"

GROSS PAY

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

( we'll use 20% as you tax bracket )

TAX TO PAY

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

NET PAY

Enter amount of item

A.

How much do you have saved up so far ?

B.

How much do you need now ?

(Subtract: A-B)

C.

When do you want this item ?

After you enter a date, we will calculate how much you need to save up a day, week or month to make your goal.

​

We will come back to this next week.

A. $ 3.00

B. $ 0.60

C $ 2.40

Enter A, B or C below

Do you like paying taxes ?

VISIT "IRS" WEBSITE HERE FOR ANSWER ( but come back ) !

What is the amount before taxes called ?

What is the amount after taxes called ?

---> Click here to VISIT "EDD" WEBSITE for the answer

( but come back ) !

You may ask, who the heck is the EDD ??!

"EDD" stands for Employment Development Department and they manage California's FTB taxes.

​

Yes, it can be confusing. There are many taxes and departments.

So we'll take it step by step and come back to EDD later.

Fictional paycheck: Gross Pay

A.

What would your tax amount be ?

(Hint: Your Gross Amount x's your tax bracket percent)

B.

What would your Net Pay be?

(Subtract: A-B)

C.

What is the amount before taxes called ?

What is the amount after taxes called ?

Let's Breakdown Some of These Taxes !

The below taxes are paid to help our Senior Citizens, of which we will all be one day.

FICA =

Federal Insurance Contributions Act

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

What would your FICA Tax be on your Gross Pay above ?

What would your MCARE Tax be on your Gross Pay above ?

What was the total amount of (FICA & MCARE) taxes you paid ?