Making Money

Teens
lesson two
making money
presentation slides
03/08
the career planning process
Whether you are seeking your first job, or considering

changing to a different field,
You must take various actions to obtain a job.
phase 1: Assess your personal interest, abilities, and career

goals.
phase 2: Evaluate the current employment market.
phase 3: Identify specific job opportunities.
phase 4: Apply for employment positions with the use of a
rsum or application letter.
phase 5: Interview for available positions.
phase 6: Obtain additional career training.
teens lesson 2 - slide 2-A

preparing for a job interview
before the interview

1. Research the organization.
2. Practice your interviewing skills.
3. Prepare questions that you plan to ask.
4. Prepare proper dress and grooming.
5. Plan to arrive early at the interview.
during the interview

1. Relax. Be yourself.
2. Answer questions completely and calmly.
3. Ask questions to help you better know the organization.
4. Ask when you might hear from the organization.
after the interview

1. Write down notes on how you can improve for your next interview.
2. Promptly send a thank-you letter to the person with whom you interviewed to express your
appreciation for the opportunity to meet with them.
teens lesson 2 - slide 2-B

common interview questions
Following are some questions commonly asked at job interviews:
1. What activities have helped you expand your interests, abilities, and knowledge?
2. In what types of situations have you done your best work?
3. Describe the supervisors who motivated you the most.
4. Describe someone with whom you had difficulty working.
5. What are your major strengths?
6. What are your weaknesses? What have you done to overcome your weaknesses?
7. What do you know about our organization?
8. Who is someone you admire? Why do you admire that person?
teens lesson 2 - slide 2-C

adding up the benefits
Benefits cost your employer, on average, an extra 33% 50% of your pay.
These may include:
Health, dental, and eye care insurance

Life insurance/disability insurance
Flexible spending account
Health savings account
Tax-deferred retirement plan
Paid vacation
Paid holidays
Parental leave
Stock purchase plan
Employee assistance plans
Employee fitness programs
Employee discounts
Tuition assistance or reimbursement
teens lesson 2 - slide 2-D

reading a pay stub
teens lesson 2 - slide 2-E

examples of paycheck deductions
Federal Income Tax

Federal Income Tax is a progressive tax. A progressive tax is a type of tax where the effective tax rate (the tax amount expressed as a
percentage) increases as the amount to which the rate is applied (a persons adjusted income) increases. Every year, the U.S. Federal
Government changes the tax rates and income brackets. See the chart below for an example from 2008.
Year 2008 Federal income brackets and tax rates
Married Filing Jointly or Married Filing

Marginal Tax Rate Single Head of Household
Qualified Widow(er) Separately
10% $0 $8,025 $0 $16,050 $0 $8,025 $0 $11,450
15% $8,026 $32,550 $16,051 $65,100 $8,026 $32,550 $11,451 $43,650
25% $32,551 $78,850 $65,101 $131,450 $32,551 $65,725 $43,651 $112,650
28% $78,851 $164,550 $131,451 $200,300 $65,726 $100,150 $112,651 $182,400
33% $164,551 $357,700 $200,301 $357,700 $100,151 $178,850 $182,401 $357,700
35% $357,701+ $357,701+ $178,851+ $357,701+
Federal Insurance Compensation Act (FICA), the official name for Social Security and Medicare taxes.
The Social Security tax rate is 6.2% on your gross income, but the amount is limited and you stop paying the tax after you reach a
certain income. This limit, known as the Social Security Wage Base, changes each year as economic conditions change.
Currently, the Medicare tax rate is 1.45% on all wages earned with no limit.
Your employer must also pay a separate 6.2% Social Security tax on your behalf and the 1.45% Medicare tax.
teens lesson 2 - slide 2-F

examples of paycheck deductions (continued)
State and local income taxes

The tax rate ranges from 0% to close to 10% depending on the state and town in which you live.
Tax-free and tax-deferred benefits

The U.S. federal government provides numerous plans that allow an employee to save for
certain life events with pre-tax dollars. These savings plans allow a person to invents in their
retirement, health care, childcare, and many other life events and receive a tax reduction or pay
no tax at all on the money saved. Health Savings Accounts (HSAs), Flexible Spending Accounts
(FSAs), 401(k) retirement plans, and many other cafeteria plans are examples of
tax-advantaged benefits.
When you sign up for one of these plans, your savings contribution is automatically deducted
from
your paycheck before your taxes are calculated, which allows you substantial tax savings and will
show up as a line item on your pay stub reflecting an adjustment to your taxable income.
Net pay
Your net payoften called your take home payis the remaining amount you get to keep after
all deductions are removed from your gross (or total) pay.
teens lesson 2 - slide 2-G

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Teens

Whether you are seeking your first job, or considering

phase 1: Assess your personal interest, abilities, and career

teens lesson 2 - slide 2-A

before the interview

during the interview

after the interview

teens lesson 2 - slide 2-B

Following are some questions commonly asked at job interviews:

2. In what types of situations have you done your best work?

3. Describe the supervisors who motivated you the most.

4. Describe someone with whom you had difficulty working.

5. What are your major strengths?

7. What do you know about our organization?

8. Who is someone you admire? Why do you admire that person?

teens lesson 2 - slide 2-C

Health, dental, and eye care insurance

teens lesson 2 - slide 2-D

teens lesson 2 - slide 2-E

Federal Income Tax

Year 2008 Federal income brackets and tax rates

Married Filing Jointly or Married Filing

10% $0 $8,025 $0 $16,050 $0 $8,025 $0 $11,450

15% $8,026 $32,550 $16,051 $65,100 $8,026 $32,550 $11,451 $43,650

25% $32,551 $78,850 $65,101 $131,450 $32,551 $65,725 $43,651 $112,650

28% $78,851 $164,550 $131,451 $200,300 $65,726 $100,150 $112,651 $182,400

33% $164,551 $357,700 $200,301 $357,700 $100,151 $178,850 $182,401 $357,700

35% $357,701+ $357,701+ $178,851+ $357,701+

teens lesson 2 - slide 2-F

State and local income taxes

Tax-free and tax-deferred benefits

teens lesson 2 - slide 2-G

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