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    Overview

    This lesson explores numerous types of income and examines the most common payroll deductions. Students will complete a vocabulary worksheet as they view and discuss the PowerPoint presentation, Making Money. In the Scenario portion of the lesson students will apply their understanding of income and deductions.

     

    Lesson Objective(s)

    Analyze sources of income.

    Examine payroll deductions and their impact on present and future income.

     

     

    Making Money Pre-Quiz

     

     

    High School Students Are Workers

    High school students are working in record numbers. Roughly two-thirds of high school students are employed, and about 80 percent of all high school students will work at some point while they are in high school. Workers between the ages of 15 and 17 work an average of 17 hours during the school year, and 23 hours per week during the summer. Students aged 15-17 work predominantly in three sectors: eating and drinking establishments (32%), other retail (30%), and service jobs including health, education and entertainment (24%).

     

    Retail store hiring “is still skewing to 18- and 19-year-olds,” says Renee Ward, a founder of Teens4Hire.org, an online job site. “Fourteen- and 15-year-olds are out of luck. And 16- and 17-year-olds have to be enterprising.”

     

    Some students need to work, but if you don’t need the money and you have flexibility, “Go invent a job,” advises Neale Godfrey, author of Money Still Doesn’t Grow on Trees. In an article for bankrate.com, she expands on this idea, saying, “Teach other kids how to play soccer, read books to little ones, or stage a play with other children.” Use your creativity and interests to create a job. Teens can also volunteer or apply for an internship.

     

    Pros and Cons to Working

    Working teens earn money, learn about responsibility and gain job skills. They may begin managing money as they realize what needs and wants really cost. Understanding how to balance time and other resources is part of the transition to adulthood. Teens may benefit from adult supervision on the job, and gain networking resources that can help later when they are looking for full-time work.

     

    So, you get a paycheck, responsibility, and more. Are there any downsides to working? As with any decision about allocating resources (in this case your time and energy), you have opportunity costs. About one-third of students surveyed said that work limited their involvement in sports or other social activities. Thirty-six percent say they would do better in school if they didn’t work. Studies show that the more teens work, the more they experience increased psychological distress and engage in higher drug and alcohol use. Students who work more hours have higher drop-out rates, and are less likely to go to college than students who work less.

     

    Laws Protect Workers

    To protect workers, including teens, the federal Fair Labor Standards Act establishes minimum wage, overtime pay, and child labor standards that affect full-time and part-time workers in both the private and public sectors. The Fair Labor Standard Act’s child labor provisions are designed to protect the educational opportunities of minors and prohibit their employment in jobs and under conditions detrimental to their health or well-being. Child labor provisions in the FLSA include:

    • The minimum age for employment is 14, with some exceptions.
    • 14- and 15-year-olds may be employed outside of school hours for a maximum of 3 hours per day and 18 hours per week when school is in session and a maximum of 8 hours per day and 40 hours per week when school is not in session. This age group is prohibited from working before 7 a.m. and after 7 p.m., except during summers when they may work until 9 p.m. (from June 1 through Labor Day).
    • 16- and 17-year olds may be employed for unlimited hours. There are no federal laws restricting the number of hours of work per day or per week.
    • Seventeen jobs are prohibited for workers under 18 years of age, including coal mining, operating sawmills, logging, driving a motor vehicle, roofing, and meat packing or processing.
    • Effective July 24, 2009, the federal minimum wage is $7.25 per hour.
    • A youth minimum wage of not less than $4.25 an hour is permitted for employees less than 20 years of age during their first 90 consecutive calendar days of employment with an employer.
    • Many states also have worker protection laws. In these cases, the most restrictive law (whether state or federal) applies.

    Making Money Game

    FAQs

    What Do Those Jeans Really Cost?

    You work at a fast food restaurant 17 hours a week earning $7 per hour. You want designer jeans priced at $80. Because they are viewed as a “want” and not a “need” by your parents, you are on your own to purchase them. How many hours of work will go into buying the jeans?  Remember the $7 per hour wage isn’t all yours – your take home pay is more like $4.75 per hour after payroll taxes and other deductions are taken directly out of your gross pay. So, at that hourly wage, the jeans will cost you about 17 hours of work, or one full work-week of wages. ($80/$4.75=16.85 hours of work)

     

     

    What are the Worst Teen Jobs?

    Each summer the National Consumers League identifies the 5 worst teen jobs. The ones that made the list recently include:

    1. Agriculture: Fieldwork and processing
    2. Construction and work in heights
    3. Outside Helper: Landscaping, grounds keeping, and lawn service
    4. Driver/Operator: Forklifts, tractors and ATVs
    5. Traveling youth (sales) crews

     

     

    Why Do Teens Work?

    High School students report they work for the following reasons:

    57% work for extra spending money

    36% work because their parents think it’s a good idea

    26% work to save for college or other long-term costs

    12% work to test the job market and see if they like certain jobs

     

     

    What Benefits Can I Expect When I Start Working?

    Full-time jobs frequently include benefits packages. These benefits may include:

    • Health and dental insurance
    • Life insurance and disability insurance
    • Retirement benefits
    • Tax deferred retirement plan
    • Paid vacation
    • Paid holidays
    • Family leave
    • Stock purchase plan
    • Employee assistance plans
    • Employee fitness programs
    • Employee discounts

     

     

    What Are the Hidden Costs of a Job?

    Hidden costs are those items that deduct from your take-home pay. These may include:

    • Transportation
    • Clothing such as uniforms or special attire
    • Food (for example you may need to bring a lunch or plan to eat out each day)
    • Child or adult care
    • Union dues

     

     

    How Should I Begin Planning for a Career?

    The career-planning process involves these steps:

    1. Assess your personal situation
    2. Evaluate the employment market
    3. Identify job opportunities
    4. Apply for a position
    5. Interview for the job
    6. Obtain additional training

     

     

    What are My Rights as a Teen Worker?

    Teen workers have the right to:

    • A safe workplace
    • Refuse dangerous work and to file a complaint if your job is unsafe
    • Safety clothing, equipment, and training
    • Payment for your work
    • Medical care if you get injured or sick because of your job
    • Work without racial or sexual harassment

    Making Money Post-Quiz

    Resources

    Glossary-- Click Here