It’s My Life Career Cards.

Slides:



Advertisements
Similar presentations
An Introduction.  15% on the first $43,953 of taxable income  22% on the next $43,954 of taxable income (on the portion of taxable income between $43,954.
Advertisements

Deductions. Gross Income Amount of money you earn before any deductions.
MATH 10 – UNIT 4. FM. 4 Students are expected to: Explain why gross pay and net pay are not the same. Determine the Canadian Pension Plan (CPP), Employment.
Review Basic Accounting. Fundamentals Assets are anything the business owns that has a dollar value (debit balance on the “T-accounts”) Liabilities are.
Taxes off your pay stub: What are they and how do they work?
The sad part of every job..  Kevin is a new employee at MmmPizza. Each week he works 37.5 hours at $7 per hour.  What is his pay?  Stop complaining.
 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.
Personal Finances. You got the job… now what? Employer will get you to fill out two TD1 forms. One is a federal form and the other is a provincial form.
What Is Income? Grade 10 Business. Questions we will cover… What are some different sources of income? What are the different forms of employment income?
The goal of this unit is to understand the importance of earning an income and explain how to manage personal income using a budget.
FORMS OF INCOME Wage Minimum Wage Piecework Income Salary Commission Tips Bonus.
MATHPOWER TM 11, WESTERN EDITION Chapter 9 Personal Finance.
Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.
Who is FICA?? The tax man cometh!!
Understanding your paycheck
Key Ideas Employment provides a means of creating personal income
Decision Making in Finance Paycheck Example
Getting Paid Advanced Level.
Pay stubs Personal Finance 30L.
Understanding Pay, Benefits, and Incentives
Paychecks-What is all that stuff?
Take Charge Today Introductory Level Paycheck Basics.
Pay-Cheques! Calm 20.
Getting Paid Advanced Level.
Getting Paid Advanced Level.
2017 inac information sessions
Take Charge Today Introductory Level Paycheck Basics.
Getting Paid Advanced Level.
Getting Paid Advanced Level.
BUDGET AND FINANCE VOCABULARY
Deconstructing a Paycheque
Getting Paid Advanced Level.
Introduction to Taxation
Paycheque Terms.
Getting Paid Advanced Level.
Gross Pay, Deductions and Net Pay
Getting Paid Advanced Level.
Budget terminology and extra budget info
Getting Paid.
Chapter 8 Income and Taxes
Getting Paid Advanced Level.
Payroll taxes and Paychecks Take Charge of your Finances
Take Charge Today Introductory Level Paycheck Basics.
Take Charge Today Introductory Level Paycheck Basics.
Paycheck Vocabulary.
Take Charge Today Introductory Level Paycheck Basics.
Take Charge Today Introductory Level Paycheck Basics.
Income.
High School Financial Planning Program
Take Charge Today Introductory Level Paycheck Basics.
Paychecks and Tax Forms Take Charge of your Finances
Getting Paid Advanced Level.
Decision Making in Finance Paycheck Example
Payroll—A Dollar Earned
Getting Paid Advanced Level.
Getting Paid Advanced Level.
Introduction to Taxation
Getting Paid Advanced Level.
Paycheck Vocabulary.
Getting Paid Advanced Level.
Other Career Factors/Costs to Consider
Income Tax and Deductions
Who is FICA?? The tax man cometh!!
Getting Paid Advanced Level.
Getting Paid Advanced Level.
Getting Paid Personal Finance.
Getting Paid Advanced Level.
Getting Paid Advanced Level.
Fiscal Literacy.
Take Charge Today Introductory Level Paycheck Basics.
Presentation transcript:

It’s My Life Career Cards

Intro to Unit 1 Assignment Today is the first day of the rest of your life… It’s time to introduce our main project for our financial literacy unit!!! Woot… :)

Entry Questionnaire First, please complete the entry questionnaire

It’s My Life Let’s go over the It’s My Life assignment introduction Give out handout

What is a Career Card? Each of you will be getting a different career (with some overlap). This is your character for the rest of the unit, unless you can find someone to switch with you today. Feel free to give your character a different name :) Each career card will have: Your name, age, background info Career information and characteristics Salary, vacation, sick days, and benefits

What is a Career Card? Take a look at the terminology sheet Gross Net Amount of money earned before deductions are made (before taxes) Net Amount of money earned after deductions are made (after taxes) **Try this: Multiply your net weekly salary by 52…. does it equal your gross yearly salary?

Your Salary For example: Net weekly salary = $850 850 x 52 = 44,200 Gross yearly income = $60,000 44,200/60,000 = 74% This means that what you actually take home from your job is only 74% (26% goes to taxes, EI, etc)

Pay Stubs Understanding and reading a pay stub becomes very important as you get older (especially to understand for tax purposes) Let’s look at some examples use doc camera to show examples from the main file

What do I get in my Bank?!?! NET PAY NET PAY = Gross Pay - TAX - DEDUCTIONS

Pay Stubs TAX OTHER DEDUCTIONS GROSS PAY NET PAY

Pay Stubs

Taxes Ok… so as Canadians we have to pay taxes. And as you can see from the pay stubs, we can pay a LOT in taxes. So what are we paying into?

Taxes What are they? Federal and/or provincial tax A rate determined by the government to come off your salary depending on how much you make (the more you make, the higher the taxes) EI (Employment Insurance) You pay into this in the potential of future need (ie. maternity leave, unemployed) CPP (Canadian Pension Plan) You get paid this after you retire (must be at least 60 and qualified)

Taxes Why do we collect it? Federal tax finances interest on Canada’s debt and public services, such as: Security/safety and defense Social assistance (welfare) Elderly and children benefits (ie. Universal Child Care Benefit) Provincial tax provides for further programs (ie. OHIP) Who collects them? The government!

Deductions Deductions you might see: Union dues → If belong to a union Association fees → Ie. Dental Association Benefits → Might pay for extra Disability → Often your choice Other pension plans → To top up the CPP

Alright - it’s time to find out about your life!!!

Career Cards Class discussion: Who are you? What is your salary? How much do you pay in taxes? Discuss equity What does this mean for you? For others?

Game Changers What is a game changer? These are little twists and turns that could happen at any time! Real life is like this - which means learning how to plan ahead or be ready for disaster (or goodness!) Example: You just bought a car and put most of your savings into purchasing it. And one month later you need new brakes… :(