Economics Notes and Homework

 

Economics Notes & Homework

 

THE REAL LIFE ECONOMICS PROJECT

 

***THIS PROJECT MUST BE COMPLETED IN ORDER TO GRADUATE AND PASS ECONOMICS!***

Objective

THE REAL LIFE ECONOMICS PROJECT is designed to assist you in considering your financial future.  The project consists of various “real world” situations/decisions you will be faced with once entering the workforce.  The end-product of this project will beYou will create a budget that demonstrates what they feel is the best use of their income.  Many of the activities require the student to research information and some even require them to go into various institutions to obtain applications.  You are required to show tangible evidence of your research! 

 

WARNING: Do not use your social security number on any forms/applications. 

   

Basic Format:

 

  • You will receive Handouts that will assist you in the completion of this project.
  • Each handout will count as a 10% -  12 % percent of your total project grade in addition  to counting as an in-class assignment .
  • You may also occasionally be asked to take a "screen-shot" of a webpage that you are using as a part of this assignment.
  • Our Goal will be to finish this project by the time we go on our Christmas break (Wednesday Dec. 23) although depending upon events in school beyond my control, I reserve the right to extend the due date.

 


Part 1: Get a job!                                  READ THE INSTRUCTIONS THOROUGHLY !!!!!

For the HANDOUT for this page click HERE !

Decide on a job that you would like to do when you finish your education and provide a job description. (a list of duties and responsibilities that your employer would expect from you.)

On your handout, write down your expected salary amount. If you cannot find an approximate starting salary for your new career use the following figures: If you expect to work after four successful years of college, your annual income will be $32,000.If you expect to go to work after high school with two years of technical/community college training, your annual income will be $22,000.If you expect to go to work after high school with no additional education/training, your annual income will be $14,000.

SEE THE BOTTOM OF THIS PAGE FOR WEBSITES THAT CAN HELP YOU!

Compute the amount of federal taxes, state taxes and FICA taxes to be subtracted from the gross pay to arrive at the net pay (see the “Computation Chart).Each student will be expected to Students will also be expected to investigate to find out if the job will provide health insurance and/or life insurance as a benefit or if they will have to pay for these from their own pay check.

 

How much education do you expect to have before you get your first full time job? ____________

 

Computing Monthly Net Income

          http://www.paycheckcity.com/calculator/salary/

Gross Income.........................................................................

$_____________

     FICA Amount...................................................................

      $_____________

     Medicare Tax....................................................................

      $_____________

     Federal Tax.......................................................................

      $_____________

     State Tax...........................................................................

      $_____________

Net Income............................................................................

$_____________

Computation Chart

 

  • FICA tax is 6.2% of monthly earnings and Medicare tax is 1.4% of monthly earnings.
  • Federal Taxes- claiming one- over $30,000 annual=11%, under $29,999=9%, and under $20,000=5% for this project.
  • Federal Taxes-claiming zero-over $30,000 annual=13%, under $29,999=10%, and under $20,000=6% for this project
  • State Taxes-over $30,000 annual=4%, under $29,999=3%, under $20,000=2%

 

 

 

 

 

 

 

Resources:

*Here are some excellent resources that you may use to research your chosen profession*

US Dept of Labor—BLS—Occupational Outlook Handbook:  http://stats.bls.gov/oco/home.htm

US Dept. of Labor--BLS—What interests you?:  http://www.bls.gov/k12/

US Dept. of Labor--BLS’s Career Guide to Industries:

http://www.bls.gov/oco/cg/home.htm

Collegboard.com Majors & Career Central:

http://www.collegeboard.com/student/csearch/majors_careers/index.html

Quintessential Careers:  http://www.quintcareers.com/home.html

Careers.Org:  http://www.careers.org/index.html

 

Paycheck Vocabulary

 

Gross – overall total exclusive of deductions

Net – remaining after the deduction of all charges, outlay, or loss

FICA - (Social Securities)– Federal Insurance Contributions Act States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare

Taxes- Income tax deduction

Medicare -  a government program that provides medical care especially for old people

Withholding -  Deductions from a paycheck


Part II - Banking

For the HANDOUT for this page click HERE !

SECTION A:   1. Use the links below to help you choose a bank in which to deposit your salary/wages. 

                       2. Fill in the "Banking" side of your HANDOUT.

You will be expected to explain why you have chosen this particular bank, and indicate which services you will use at the bank. 

Also, if you plan on attending college, you will have to pay back your student loans.  For this complete SECTION B at the bottom of this page. 

Requirements:

  • Include information on a checking account, online banking services, a savings account, an ATM card, and credit cards. 
  • List fees for services, interest rates, overdraft protection, and limits on accounts. 
  • Complete a sample application from a bank. If you do this online take a "scree shot" of the page that you have filled out. Any pamphlets/advertisement containing information on the financial application will be accepted! (completed by student)

DO NOT SUBMIT THIS APPLICATION! JUST SEND IT TO ME VIA EMAIL (ebrent@archimedesacademy.org) OR GIVE ME A HARD COPY.

https://www.nerdwallet.com/checking-accounts/

https://wallethub.com/banks/

http://banks.credio.com/

 

SECTION B. If you plan to go to college use the chart below and this link : College Loans to determine

                                  A. Your interest Rate

                                  B. The Total Amount of your loan

                                  C. The length of your loan (How many years it will take you to pay it back)

                                   D. What your monthly payments will be.

Enter this information on a piece of notebook paper and attach it to your handout