Summer is near and for many high school students that means it’s time to start working at summer jobs. For many students the first real paycheck that they receive comes with a surprise in the form of tax withholding. PBS Learning Media has a free lesson plan through which students learn about reasons for taxes being withheld from paychecks, where the withholdings go, and why some people have more or less withheld than others.
In addition to helping students understand taxes withheld from paychecks Taxes – Where Does Your Money Go? introduces students to concepts related to saving for retirements. To that end, the lesson plan includes a video about how a self-employed person handles budgeting for taxes and retirement.
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I’m self-employed and sometimes I’m still surprised by how much is withheld from my paycheck so I have no doubt that many students are surprised by the same. This free lesson plan could help you help your students be a little less surprised when they look at their paychecks from their part-time jobs.