Introduction to Paycheck & Pay Stub for Kids and Teens
This video explains the concept of a paycheck in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about paycheck and paystub, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- What is a paycheck
- What is included on a paycheck / pay stub
- Who gets a paycheck
- When do employers give paychecks / pay period
What is a paycheck?
A paycheck is money that an employer pays an employee on payday, in exchange for work they have done.
What is included on a paycheck / pay stub?
The name of the employer and employee, the amount of money being paid, the date, and the employer’s bank account number are some of the things that are included on a paycheck.
Usually, something called a pay stub or a pay slip is also attached to the paycheck. It shows the pay period, the gross and net earnings, as well as any withholding and deductions – like income tax, medicare and social security tax, 401k contribution, insurance premiums, etc.
Who gets a paycheck?
All employees get paychecks. An employee earning a fixed salary generally gets the same amount of money every paycheck.
On the other hand, for employees who are paid by the hour, each paycheck amount can change depending on the number of hours worked.
What is a Pay Period? How often do employers give paychecks?
Depending on the terms of the employment, a paycheck can be paid weekly, bi-weekly, or monthly.
This is called the Pay Period.