Career Compensation Worksheet
Financial Literacy Series
Name:
Date:
Period:
Career to Paycheck
Career Compensation Investigation
Essential Question
How much is a career really worth after considering salary, benefits, and taxes?
Today, you will choose one career and investigate what you could realistically earn. You will analyze your base salary, the hidden value of typical employer benefits in your field, and how much of your hard-earned salary you actually take home after federal, state, and local taxes. You will compile your findings into a comprehensive Career Compensation Snapshot at the end.
PART 1
Choose a Career
Use My Next Move (https://www.mynextmove.org/) to explore different careers and narrow down your choice.
Chosen Career:
Enter career title...
Why did you choose this career?
PART 2
Research Your Career
Use CareerOneStop (https://www.careeronestop.org/) to research details about your chosen occupation.
Education/training typically required:
Two important skills or abilities:
Job outlook:
Salary Data
Indiana Median Salary: Use this for the rest of the packet!
$
National Median Salary:
$
Career Compensation Investigation • Student Worksheet Page 1 of 4
Career to Paycheck Part 3: Total Compensation
PART 3
Salary + Benefits = Total Compensation
Your base salary is only one component of what an employer spends to employ you. Most professional jobs also offer employer-provided benefits such as medical insurance, retirement contributions, paid leave, life insurance, and tuition reimbursement.
Use the Career Benefits by Industry (tinyurl.com/CCInvestigate) calculator to estimate the standard cash value of the benefits package associated with the industry your career belongs to.
Record Your Numbers
STEP 1 Annual Salary (Indiana Median Salary from Part 2)
$
STEP 2 Estimated Annual Benefits (From the benefits calculator)
$
=
FINAL FORMULA Estimated Total Compensation Salary + Estimated Benefits
$
Think About It
If your annual salary is $60,000 but your employer provides another $20,000 worth of benefits, your job is actually providing $80,000 in total compensation.
What types of benefits may be included in an employees annual benefits package? Why is it important to consider benefits when comparing different job opportunities?
Career Compensation Investigation • Student Worksheet Page 2 of 4
Career to Paycheck Part 4: Take-Home Pay Calculator
PART 4
From Salary to Take-Home Pay
Your gross salary is not the same as the actual cash you receive in your hand. Federal, state, and county taxes are automatically deducted from your paycheck before it hits your bank account.
Investigation Parameters & Assumptions
You file tax status as single.
You live and work in Indiana.
You have zero children or dependents.
You live specifically in Marion County.
This is your only source of income.
You claim the standard deduction.
No other external incomes.
Ignore healthcare/retirement deductions.
Use the PaycheckCity Indiana Salary Paycheck Calculator to run your numbers:
https://www.paycheckcity.com/calculator/salary/indiana
Enter your Indiana median annual salary from Part 2. Record the estimated annual taxes and net pay in the modern paycheck stub breakdown below.
ANNUAL INCOME & TAX BREAKDOWN STATEMENT TAX YEAR: 2026
| Category | Description | Annual Amount |
|---|
| Gross Salary | Total starting compensation from Part 2 | $ |
| | |
| Federal Income Tax | Federal government withholding | $ |
|
| Social Security | FICA social safety net withholding (6.2%) | $
|
| Medicare | FICA healthcare program withholding (1.45%) | $
|
| Indiana State Tax | Flat Indiana state income withholding | $
|
| Indiana Local/County Tax | Marion County specific income withholding | $
|
| Estimated Annual Net Pay | Actual annual money in pocket after taxes | $
|
Calculate Your Monthly Take-Home Pay
Divide your Estimated Annual Net Pay by 12
Net ÷ 12 =
$
/ mo
Career Compensation Investigation • Student Worksheet Page 3 of 4
Career to Paycheck Part 5: Career Compensation Snapshot
PART 5
Career Compensation Snapshot
Summarize everything you have calculated so far to establish your ultimate executive snapshot profile.
1. Your Career
Career:
Education Required:
Job Outlook:
2. Your Money
Annual Salary:
$
Estimated Benefits:
$
Total Compensation:
$
3. Take-Home & Taxes
Est. Annual Net Pay:
$
Est. Monthly Net Pay:
$
FICA (Taxes Paid):
$
Decision Time
Your Verdict: Would you choose this career?
Definitely Yes Probably Yes Not Sure Probably No Definitely No
Explain your decision in 3–5 sentences. Consider: salary, benefits, take-home pay, education required, job outlook, your interests, and the lifestyle you want.
Reflection Check-In
Final Question: Which number surprised you the most?
Salary Benefits Total Compensation Taxes Take-Home Pay
Why?
Core Vocabulary Glossary
Salary: Money earned before any taxes or deductions.
Benefits: Perks like healthcare coverage & 401(k) matches.
Total Comp: Combined base Salary + dollar value of Benefits.
Net Pay: Your actual spending money after all tax withholdings.
"A job with the highest base salary is not necessarily the job with the highest total compensation or the most take-home spending power."
Career Compensation Investigation • Student Worksheet Page 4 of 4
