Getting Paid. Advanced Level. What are the two primary sources of employment?. What sources of employment do your family members have?. Salary vs. Hourly. Would you rather be paid a salary or hourly wage?. What methods do employers use to pay employees?. Paper Paycheck and Direct Deposit.
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What sources of employment do your family members have?
Would you rather be paid a salary or hourly wage?
What method of payment would be best for you?
Withheld from wages
How do you benefit from paying federal income taxes?
Largest required deduction
Determines the percentage pay that will be deducted for federal income taxes
Individuals may change their Form W-4 at any time
Does your state have state income tax?
Employee will typically pay much less than privately purchasing that same benefit.
Why is it important to review your pay stub?
Pay stub - outlines the deductions made to wages
Why is the pay period different than the pay date?
What are examples of deductions?
What contributions are included?
Ensure employer is deducting income and payroll taxes from wages paid in cash
Consult a tax professional to determine if you should pay taxes on cash earned.