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:
- Kindergarten
- 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.
It could be in the form of a physical check that needs to be deposited in the bank account by the employee in order to cash it. Or it could be money directly deposited in the employee’s bank account.
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.
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is a Paycheck and Pay Stub
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
Everything you need to know about paychecks: What is a Paycheck, What is included on a paycheck / pay stub / pay slip, Who gets a paycheck, How often do employers give pay checks, and more.
Show notes and transcript at: https://www.easypeasyfinance.com/paycheck-pay-stub-for-kids-beginners/
