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Paycheck Deductions

Paycheck Deductions

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Here's how Paycheck Deductions aligns with curriculum standards in Alabama. Use the filters to change the location, set of standards, and grade level.

Money Management

16: Prepare a monthly budget for an individual or a family given their income, savings goals, taxes, and list of fixed and variable expenses.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Paycheck Deductions
a: Evaluate the impact of taxes, government payments, and employee benefits on budgeting decisions. Examples: FICA, income taxes; SNAP, Medicaid, unemployment insurance, farm subsidies; health insurance, retirement plan contributions

17: Gather and share information on income, benefits, and deductions.

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Paycheck Deductions
a: Distinguish between gross and net income.
b: Analyze the impact of payroll deductions and employee benefits on income. Examples: state and federal income tax, FICA, flexible benefit plans
c: Calculate the monetary value of employee benefits when determining earnings.

18: Demonstrate procedures for completing and filing income tax forms, utilizing tax terminology. Examples: dependent, exemption, credit, deduction

Standards
Defined by Alabama Course of Study: Finance 9th-12th Grades and align with Paycheck Deductions
a: Explain the requirements for filing annual tax returns and the consequences of not paying income tax. Examples: full or partial payments; penalties, federal tax lien, asset seizure, prison, passport revocation