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Paycheck Deductions

Paycheck Deductions

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Here's how Paycheck Deductions aligns with curriculum standards in Oklahoma. Use the filters to change the location, set of standards, and grade level.

Oklahoma Academic Standards for Personal Financial Literacy

PFL.1: The student will describe the importance of earning an income and explain how to manage personal income through the use of a budget.

PFL 1.3: Explain how to manage personal income and expenses to be a financially responsible citizen.

Standards
Defined by Personal Financial Literacy 7th-12th Grades and align with Paycheck Deductions
A: Identify factors that can affect income by describing the basic components of a paystub, including gross pay, net pay, and deductions (e.g., federal and state income tax, FICA, and voluntary deductions).

PFL.2: The student will identify and describe the impact of local, state, and federal taxes on income and standard of living.

PFL 2.1: Analyze the obligation of paying taxes and how individuals, as well as communities, might benefit from taxes.

Standards
Defined by Personal Financial Literacy 7th-12th Grades and align with Paycheck Deductions
A: Identify and explain various types of taxes, including income, payroll, sales, and property taxes, and when these types of taxes are due.
B: Describe some of the uses for taxation at the local, state, and federal levels (e.g., infrastructure, public safety, and courts of law).

PFL 2.2: Describe the individual importance of meeting one's tax obligations.

Standards
Defined by Personal Financial Literacy 7th-12th Grades and align with Paycheck Deductions
B: Identify possible consequences of failing to meet tax obligations (e.g., fees, penalties, interest, garnishment of wages, and imprisonment).

PFL.6: The student will explain and evaluate the importance of planning for retirement.

PFL 6.2: Evaluate various sources of income for retirement.

Standards
Defined by Personal Financial Literacy 7th-12th Grades and align with Paycheck Deductions
A: Compare government and employer-sponsored retirement plans, such as Social Security and 401(k) accounts.