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Dad Field Manual · Field card 09 · MoneyIdea · not yet tested

Read a first pay stub together

Your teen expected one number and the check says another. Sit down with the pay stub for 45 minutes and they'll know where every dollar went, how to check it, and how much of what's left to put away.

Time
45 min
Cost
$0
Ages
14 and up
Where
Kitchen table

What you need

  • Their pay stub, printed or open in the payroll app, or the CFPB's free sample stub if they don't have one yet
  • A copy of the W-4 they filled out when they were hired, if they have one
  • A phone calculator
  • A pencil and paper for the gross-to-net math

Before you start

  • Guard the stub. It can show a Social Security number and address. Keep it private, file it or shred it, and never post a photo of it.
  • It's their money. Don't take a cut, set a rule, or use the paycheck as a punishment without agreeing it together first.
  • Your own pay stub is optional. Show yours only if you're comfortable. The sample stub works just as well.
  • This isn't tax advice. For tips, two jobs or self-employment, use IRS.gov tools or a tax preparer.

Steps

  1. Find gross pay. Multiply hours by rate and check it matches gross pay, the amount earned before deductions.
  2. Walk the deductions. Read each deduction line: federal income tax, Social Security, Medicare, and any state or local tax.
  3. Check the FICA math. Multiply gross pay by 0.062 and 0.0145 and compare with the Social Security and Medicare lines.
  4. Land on net pay. Subtract all deductions from gross to get net pay, the number they plan with.
  5. Look at the W-4. Look at the W-4 together and bookmark the IRS Tax Withholding Estimator for a yearly check.
  6. Decide on a saving cut. Let them choose a share of each net paycheck to save, and set up an automatic transfer if they can.

If it stalls

  • If they don't have a job yet, use the CFPB sample stub and fill in the numbers from a job they're thinking about.
  • If they're upset about how much came out, stay on the math tonight. Whether taxes are fair is a fine conversation for another night.
Gross · deductions · net · saving cut %
Signed off: can do this.Signed by Date