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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.1 Taxes and Your Paycheck Objectives: By the end of class, students.

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Presentation on theme: "© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.1 Taxes and Your Paycheck Objectives: By the end of class, students."— Presentation transcript:

1 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.1 Taxes and Your Paycheck Objectives: By the end of class, students will be able to:  Describe payroll taxes and withholding  Understand a paycheck stub and the W-4 form

2 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 5 Payroll Taxes  Income taxes – Taxes you pay on most types of income you receive  Social insurance taxes – Taxes that support social programs such as Social Security.

3 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 3 Chapter 5 Withholding  Your paycheck stub  Gross income – Amount you earn before taxes are withheld  Net income – Amount you receive after withholdings are subtracted from your gross pay

4 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Withholding Continued  Form W-4  Allowances- A number that you calculate on a form W-4 that reduces the amount withheld from your pay Slide 4 Chapter 5

5 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  Your Task:  1. Read pages 160-165 in your Economics textbook.  2. Complete Try These Questions 1-7 on Page 165 of your Economics textbook.  Extra Credit: Complete Think Critically Questions 8-10 on page 165 of your textbook. Slide 5 Chapter 5

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