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In today's activity you will:
In today's activity you will:
- Choose a potential career path
- Determine the corresponding salary for your area
- Calculate the gross annual and monthly pay
- Calculate net pay after deductions
Materials needed:
Materials needed:
- Salary Based Budgeting Worksheet, steps 2-4
- Journal Entry Page 1
Step 1:
Step 1:
You will use your copy of the worksheet to record all the work for this project. Each week you will complete certain components of the budget; be sure to save your work!!
You will use your copy of the worksheet to record all the work for this project. Each week you will complete certain components of the budget; be sure to save your work!!
See the video to the left for guidance on how to enter and edit data.
See the video to the left for guidance on how to enter and edit data.
Step 2:
Step 2:
Visit My Next Move’s "Career Search Tool" to locate the salary for your future career:
Visit My Next Move’s "Career Search Tool" to locate the salary for your future career:
Select the relevant industry for your future career
Select the relevant industry for your future career
Click on your future career (or closest option if not listed)
Click on your future career (or closest option if not listed)
Under Job Outlook, click on Local Salary Info and enter the zip code of the city you want to live in after college
Under Job Outlook, click on Local Salary Info and enter the zip code of the city you want to live in after college
Use the median value in the given salary range for that city.
Use the median value in the given salary range for that city.
Remember, these are averages, so you could start lower or higher in reality.
Remember, these are averages, so you could start lower or higher in reality.
Once you find your career, record the salary as your Annual Gross Wage on Step 2 of your budget worksheet.
Once you find your career, record the salary as your Annual Gross Wage on Step 2 of your budget worksheet.
Step 3:
Step 3:
Calculate your monthly Gross Wage:
Calculate your monthly Gross Wage:
Gross Wage (monthly) = Annual Gross Wage / 12
Gross Wage (monthly) = Annual Gross Wage / 12
Record on your budget spreadsheet on Step 3.
Record on your budget spreadsheet on Step 3.
*While “wage” and “salary” are different (in how you are paid), for this activity both refer to the money earned from working.
*While “wage” and “salary” are different (in how you are paid), for this activity both refer to the money earned from working.
**From this point on, you’ll use MONTHLY amounts for all budget entries.
**From this point on, you’ll use MONTHLY amounts for all budget entries.
Step 4:
Step 4:
Use the ADP Salary Paycheck Calculator to find your Net Pay (the wage you actually take home each month, after deductions). To do the activity correctly, choose the state you’ll be living in and then use these values:
Use the ADP Salary Paycheck Calculator to find your Net Pay (the wage you actually take home each month, after deductions). To do the activity correctly, choose the state you’ll be living in and then use these values:
Gross Pay Method= Your Gross Wage (monthly) → PER PAY PERIOD
Gross Pay Method= Your Gross Wage (monthly) → PER PAY PERIOD
Pay Frequency = Monthly
Pay Frequency = Monthly
Use 2020 W4 = Yes
Use 2020 W4 = Yes
Federal Filing Status = single (unless you’re married)
Federal Filing Status = single (unless you’re married)
Leave all other values as they are.
Leave all other values as they are.
Record “Net Pay” on budget spreadsheet under “Net Wage (monthly)” which is Step 4.
Record “Net Pay” on budget spreadsheet under “Net Wage (monthly)” which is Step 4.
JOURNAL
JOURNAL
Great job, everyone! You've accomplished a lot! You've chosen a suitable career for yourself, and you've researched the corresponding salary for your area. You've also determined your potential monthly pay after taxes are taken out. Excellent work! Here is your journal reflection topic for this lesson:
Great job, everyone! You've accomplished a lot! You've chosen a suitable career for yourself, and you've researched the corresponding salary for your area. You've also determined your potential monthly pay after taxes are taken out. Excellent work! Here is your journal reflection topic for this lesson:
What career did you choose and why? What type of education will you need to be qualified for this career?
What career did you choose and why? What type of education will you need to be qualified for this career?
Here is the recording for the College Ready, Career Set! morning presentation:
Here is the recording for the College Ready, Career Set! morning presentation:
The Value of a postsecondary education.pdfNicole Saenz, Director, GEAR UP College Ready, Career Set!
Nicole Saenz, Director, GEAR UP College Ready, Career Set!
Here are the presentation slides from Nicole's talk.
Here is the recording for the College Now, Career Connected! afternoon presentation:
Here is the recording for the College Now, Career Connected! afternoon presentation:
Vision.pptxNorma Ortiz McCormick, Director, Office of College, Career, and Life Readiness
Norma Ortiz McCormick, Director, Office of College, Career, and Life Readiness
Here are the presentation slides from Norma's talk.
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