• Paper Paychecks

• Direct Deposit

• Pay Card

• Cash

​

How do Employees receive their Paychecks?

• Accessed electronically and/or given a paper copy

• Shows Gross and Net income

• Where does all your money go?

​

Pay Stubs

Created by HISD Curriculum using Google Slides

New Vocabulary.

Tax

An amount of money
the government
requires an individual
to pay.

Income

Money received from
goods and services.

Created by HISD Curriculum using Google Slides

How do these taxes affect our income?

To understand how taxes affect income, we need to understand the difference between
gross income and net income.

Gross Income

An individual’s total income before taxes or other
deductions are taken out.

Net Income

The amount of money remaining after taxes and
other deductions are subtracted from one’s gross
income.

​Think of this as casting a net and only catching some fish instead of all of the fish in the lake.

Created by HISD Curriculum using Google Slides

What is payroll tax?

Income tax and other
taxes that an employer
is required to deduct
from an employee’s
gross income. It is paid
by the employer.

Created by HISD Curriculum using Google Slides

What is income tax?

A tax paid by an
employee or a business.
It is shown as a federal
and/or state withholding on
a paystub.