Preparation Station Practical curriculum for life ahead

First Paycheck Worksheet

Your first paycheck teaches you what every later paycheck hides: the money on the stub is not the money you keep. Work through it once and it stops being confusing.

1. Read the stub

Line on the stubAmount
Gross pay (what you earned)
Federal income tax
State tax (if shown)
Social Security
Medicare
Other deductions (benefits, uniforms)

2. Net pay

Gross pay
Minus total deductions
Net pay (what you actually receive)

3. Decide before you spend

  1. Name one thing you will save from this paycheck: ________________________________
  2. Name one bill or family responsibility this check covers: ________________________
  3. Name one thing you will allow yourself to spend on: ______________________________

4. The rule that compounds

A percentage beats an amount. If you save 10% of every check, your savings grow with your pay. Write the percentage you commit to: ______%

Tip: deductions are not a mystery tax. Each line on the stub pays for something — ask your employer or a parent what each one is before your second paycheck.

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