THE BUXX

# KID BUXX | Financial Literacy for Our youth

#

WELCOME !

# ( We know who wants to make money )

### Let's discuss "Budgets"

YES

NO

### 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)

YES

NO

YES

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### 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 ?

YES

NO

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### 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.

YES

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### 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 %