( 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 ?

What is the amount before taxes called ?

What is the amount after taxes called ?

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

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.

FICA =

Federal Insurance Contributions Act 

Social Security Insurance

MCARE =

Medicare

Medical Insurance for the elderly and disabled people.

FICA TAX = 6.2 %
MCARE TAX = 1.45 %

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 ?