A first job is a great time to learn about pay stubs, taxes and budgeting.
Read the pay stub together
- Gross pay: hours times hourly rate
- Taxes and other deductions: such as federal income tax, Social Security and Medicare, and sometimes state tax
- Net pay: what's left
Make a plan
- Agree what the paycheck covers now
- Save part of every check
- Talk about tax forms like the W-4 and filing a return
Tax rules change. See IRS.gov for current information. Bright Buck Club isn't paid by any bank, card company or kids' app.