Use the lesson or assign the online module.

Description: Students compute the gross pay for a fictional John Dough given his hourly wage and the number of hours worked. They compare gross pay to net pay. They learn what FICA and federal income taxes are. They also learn how to complete a W-4 form and what a W-2 form is.

Estimated completion time for online module: 20 minutes.

Lesson
• Go to http://www.stlouisfed.org/education_resources/its-your-paycheck-curriculum-unit/(It’s Your Paycheck! Curriculum Unit).
• Use “Lesson 2: ‘W’ Is for Wages, W-4, and W-2” (pdf) and the accompanying whiteboard or PowerPoint slides for Lesson 2.