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Teacher Talk
This makes a good activity if many of your students work during the summer or school year. I used this article from Kiplinger as a primary source.
Step 1: Student worker will need to complete a W-4. Try a W-4 Calculator to help students get a feel for how much in taxes will come out of their paychecks. For W-4 Calculator, students should will need to know their gross wages and the frequency of pay. If they don’t know this, as long as they know their hourly rate and # of hours per week, they can calculate their weekly pay amount.
Two key points they will need to confront in filling out the W-4:
Step 2: Consider using some of your summer earnings to set-up a Roth IRA. From Kiplinger:
Kids with summer jobs should also consider contributing to a Roth IRA; you just need earned income from a job to be eligible to contribute to a Roth, regardless of your age. “If parents want to really supercharge the saving and investing aspect of the summer job, they can push their children to establish a Roth IRA,” says Thomas. Your son/daughter doesn’t have to use his/her own money; you can give him/her the money to contribute. He/she can contribute up to the amount of money he/she earned for the year, with a maximum of $5,500. Starting a Roth when he’s/she’s young can give your son/daughter a huge head start for the future.
Here’s another great resource from Ron Lieber at the NY Times about Roth IRAs for young people.
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Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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