Financial Literacy - Family Budget

Add information to your Family Budget Presentation AND your Google Buget Sheet.

1. Go to the Salary Paycheck Calculator Web site.

2. Under the “State for withholding” drop down box, click on the state you are going to live in.

3. Take your “annual mean wage” and put that in the “Gross Pay” (Gross pay is another term for total pay.)

4. Switch the “Pay Frequency” to monthly.

5. Switch the “Federal Filing Status” to Single or Married.

6. Your “# of Federal Allowances” is the total of you plus your spouse plus the number of children you have.  (You will find an advantage of having more children here.)

7. Switch the State “Filing status” to “Married”.

8. After you change the “state filing status” be sure that the state “Allowances” are the same as the federal allowances. 

9. Ignore the “Voluntary Deduction Section.”

10. Click “Calculate.”

    

11. Take a screenshot of the “Your Paycheck Results” and the “Calculation Based On” results. Add the screenshot to the Taxes Slide. (Your “Net Pay” is what your family will take home each month.)

12. If your spouse works, please repeat steps 1-11 for his/her job as well.