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Omo digital simulation and lessons
- 1. Programs in agriculture and natural resources, 4-H youth development, family and consumer sciences, and resource development. University of Tennessee Institute of Agriculture, U.S. Department of Agriculture and county governments cooperating. UT Extension provides equal opportunities in programs and employment. UNIVERSITY OF TENNESSEE EXTENSION PROGRAM
- 2. Introduction: Imagine you are 26 years old. What do you see in your future? Do you have a family? Do you have children? Where will you be living? What kind of job will you have? What does it mean to be on your own? What kinds of things are you responsible for? What kind of expenses will you have?
- 3. What does it take to live? If you have expenses you will need an income. What kinds of things do you like to do? And, can you get paid to do those things?
- 5. What do you like to do? https://drive.google.com/dri ve/folders/12Gc5dZVmRzNB laFtFGbQmvJGcJzTVH80?us p=sharing
- 6. Are you a Doer? What do Doers do? Construction Worker Airport Ground Crew Postal Mail Carrier Auto Mechanic
- 7. Are you a Thinker? What do Thinkers do? Accountant Surveyor Computer Technician Civil Engineer
- 8. Are you a Creator? What do Creators do? Computer Graphic Artist Actor Landscape Architect Sound Technician
- 9. Are you an Organizer? What do organizers do? Air Traffic Controller Bookkeeper City Planner Meeting/Convention Planner
- 10. Are you a Helper? What do helpers do? Veterinarian Assistant Pharmacist Waiter/Waitress Fire Fighter
- 11. Are you a Persuader? What do persuaders do? Telemarketer Real Estate Agent Salesperson Public Relations Specialist
- 12. Doers, which job would you choose? Auto mechanic Barista Soil and Plant Scientist Police Officer Transportation Manager or Inspector Construction Supervisor or Building Inspector
- 14. Thinkers, which job would you choose? Agricultural Technician Civil Engineer Computer Systems Analyst Paralegal Private Detective or Investigator Environmental Engineer
- 16. Creators, which job would you choose? Art or Music Teacher Radio or TV Announcer Choreographer or Dancer Graphic Designer or Information Technology or Communications Professional Photographers Interior Designer
- 18. Organizers, which job would you choose? Court Reporter Database Administrator Event Planner Secretary or Medical Secretary Accountant or Bookkeeper or Tax Preparer Librarian
- 20. Helpers, which job would you choose? Emergency Medical Technician or Paramedic Health Educator Veterinary Assistant Hair Stylist or Cosmetologist Registered Nurse Physical Therapist
- 22. Persuaders, which job would you choose? Human Resource Specialist Sales Supervisor Labor Relation Specialist Customer Service Representative Public Relations Specialist or Marketing Specialist Real Estate Agent
- 24. z tekhnologic
- 25. Debrief What kind of situation will you plan for? What did you envision? How can you prepare your future?
- 27. Payroll Deductions & Withholdings Federal Income Tax : This money supports federal government programs. State Income Tax : This money supports state government programs. Social Security Tax : This tax provides income for retired or disabled citizens as well as underage survivors of tragedy or illness. Medicare Tax : This tax provides health insurance for individuals receiving social security benefits. Basic Health and Disability Insurance : Now required, this payment allows participation in group health and disability insurance programs either through the employer or the federal or state government.
- 28. Gross Pay vs. Net Pay Gross pay – deductions and withholdings = net pay Gross Pay : The amount of monthly income earned before taxes are withheld. Withholdings : The amount of money the employer withholds from the gross pay amount to cover the employee’s state and federal taxes. Deductions : The amount of money deducted from the gross pay amount to pay for health and disability insurance either through the employer or the state or federal government. Net Pay : The amount of money left in the paycheck after taxes and insurance have been taken from the gross pay.
- 29. Payroll Earnings & Deduction Statement A62357 Mannie Earners SSN 800-00-1111 Pay Type : Pay Period : Date of Issue : Monthly (Salaried) June 1, 2013 – June 30, 2013 June 30, 2013 Marital Status : Single Number of Exemptions : 1 Type of Pay Gross Amount Type of Deduction Amount Withheld Regular Pay Overtime Pay Total Deductions $2752.00 $0.00 -$586.00 Federal Income Tax Withholding FICA Social Security Tax FICA Medicare Tax Basic Group Insurance Deduction 401K $286.00 $164.00 $38.00 $98.00 $0.00 Net Amount this Pay Period $2166.00 Total Deductions $586.00 The University of Tennessee Earnings and Deductions Payroll Statement If you have any questions concerning your statement, please contact the payroll office.
- 30. Federal Tax Withholdings Chart 1 2 3 4 5 Single 518 478 438 398 358 Married N/A 380 340 311 284 Accountant II Salary $ 2,752 monthly $33,025 annually Withholdings (Includes Federal Income, Social Security and Medicare taxes)
- 31. 1 2 3 4 5 Single 194 156 124 104 104 Married N/A 105 104 104 104 Use this withholdings chart to determine your taxes if your salary was 16,500 up to 20,000.
- 32. 1 2 3 4 5 Single 334 285 236 200 168 Married N/A 214 182 151 151 Use this withholdings chart to determine your taxes if your salary was 20,001 up to 30,000.
- 33. 1 2 3 4 5 Single 534 485 436 388 339 Married N/A 372 338 305 273 Use this withholdings chart to determine your taxes if your salary was 30,001 up to 45,000
- 34. 1 2 3 4 5 Single 872 790 717 668 620 Married N/A 652 604 555 506 Use this withholdings chart to determine your taxes if your salary was 45,001 up to 60,000
- 35. 1 2 3 4 5 Single 1009 927 846 765 715 Married N/A 747 699 650 601 Use this withholdings chart to determine your taxes if your salary was above 60,000
- 36. Deduction Reduction Worksheet for Calculating Net Income Gross Monthly Income $__________ Deductions and withholdings (see withholdings chart) Federal Income, Social Security and Medicare Tax Withholdings $__________ Basic Group Health and Disability Insurance $__________ Additional Family Coverage $__________ Total Deductions -- $__________ Net Pay (Gross pay minus deductions) $__________ The withholdings chart includes federal income, Social Security and Medicare taxes each based on gross income and calculated through a tax formula determined by the federal government. Social Security tax is 6.2% and Medicare tax is 1.45% of the total gross income.
- 38. Your income $$ Savings account Checking account Lick Your Chops Grocery $ How Banking Works Deposit to the bank Pay for goods or services For later T
- 39. Keeping Up: Banking and Transactions What happens to your money now? How do you keep track of what you spend?
- 40. Balance Forward Gross Monthly Income $__________ Deductions and withholdings (see withholdings chart) Federal Income, Social Security and Medicare Tax Withholdings $__________ Basic Group Health and Disability Insurance $__________ Additional Family Coverage $__________ Total Deductions - $__________ Net Pay (Gross pay minus deductions) $__________ Number/Type of transaction Date Description Debit (-) Credit (+) Balance $
- 41. Keeping Your Transaction Register Number/Type of transaction Date Description Debit (-) Credit (+) Balance 498 July 1 Living Large Realty 425.00 425.00 House Payment 1365.00 Deposit July 1 Big Money Bank & Credit 22.55 22.55 Stock Dividend 1387.55 $1790.00
- 43. Instructions & Station Overview Instructions: Keep your register active and progress through the stations Remember at anytime you can hit the first aid or the community cares (piggy bank) icons to gain or give money. HAVE FUN! Stations: Asset Auction Community Cares Financial First Aid Big Money Bank and Credit Connections Kiddie Cottage Lick Your Chops Living Large Realty Motor Mania Mall & Party Alley
- 44. Do you want to sell? Asset Auction
- 45. Community Cares & Financial First Aid
- 46. Community Cares Volunteer opportunities (some will offset expenses, 6 hour min.): • Community Garden (20% groceries) • Afterschool Club (20% childcare) • Faith-Based Club • Service Club • Animal Shelter (20% off pet supplies if adopting) Giving opportunities: • Food Pantry (money, canned goods) • Rescue Mission (money, clothes) • Habitat House (money, furnishings) • Crisis Center (money, clothes, new toiletry items) • Animal Shelter (money, time, pet food) Opportunities for Assistance (to receive assistance): • Food (will offset groceries by 20%) • Clothing needs (will offset a mall choice)
- 47. Financial First Aid – Second Job Sunset Hills Nursing Care. You must be personable, caring, and responsive. You must understand flexibility and be able to move between tasks easily and quickly. You will need to be comfortable changing linens and bedpans as well as assisting with bathing and toileting. You must be able to lift at least 50lbs unassisted and 100lbs assisted. This job pays $15/hour. Lick Your Chops Grocery Online delivery. You must be friendly and have good phone etiquette. You must also be able to maintain professional behavior at all times. You will be responsible for filling online grocery orders and fielding phone calls when customers have questions or complaints. This job pays $12/hour. Kiddie Cottage Child Care Kitchen Helper. You must be friendly, like children, be able to maintain a semi-professional appearance (no sweats, shorts, etc.) You will be responsible for reheating and preparing (cutting, serving, etc.) pre-made food for the children in daycare. You are responsible for maintaining a clean, organized kitchen. This job pays $10/hour. This job also qualifies you for a childcare discount of 10%.
- 48. Big Money Bank and Credit
- 49. Big Money Bank and Credit 1. Open a free account (debit card only) 2. Start an Emergency Fund $25-50 3. Invest $100 (optional)
- 50. Connections
- 52. Kiddie Cottage
- 53. Kiddie Cottage – Child Care Rural Urban Full time care accredited pre-school $660/mo. $780/mo. Full time care Daycare only $590/mo. $720/mo. Faith-based childcare center $520/mo. $600/mo. Private in-home care $400/mo. $650/mo. Rural Urban Afterschool care $280/mo. $372/mo. Parents day out part time care $300/mo. $400/mo.
- 55. Lick Your Chops Grocery
- 58. Mobile Home & Apartment More Houses
- 59. Rural More Houses Utilities cost per month: 1BR - $193 2 BR - $230 3BR - $320
- 60. Urban Utilities cost per month: 1BR - $250 2 BR - $300 3BR - $400 More Houses
- 61. Motor Mania
- 65. tekhnologic SPIN Mall & Party Alley (No Kids) Families with Kids
- 66. tekhnologic SPIN Mall & Party Alley (Kids)
- 67. Oops! Forgot to pay the student loan! If your occupation is: Soil and Plant Scientist Agricultural Technician Interior Designer Librarian Graphic Designer Art or Music Teacher Registered Nurse with BSN Health Educator Human Resources Specialist Labor Relations Specialist Public Relations or Marketing Specialist If your occupation is: Database Administrator Computer Analyst Civil Engineer Environmental Engineer Physical Therapist $100 $200
- 68. Coin Flip
- 70. What happened? How did you feel? What did you learn? What would you change?
- 71. How did having a family make a difference in your finances? Describe some decisions you would have made differently if you were single. How did On My Own cause you to change your future plans regarding a family? Family Discussion
- 72. Thank you! We hope you enjoyed being On Your Own!