Getting paid
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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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Getting paid

Getting Paid

Advanced Level


What are the two primary sources of employment

What are the two primary sources of employment?

What sources of employment do your family members have?


Salary vs hourly

Salary vs. Hourly

Would you rather be paid a salary or hourly wage?


What methods do employers use to pay employees

What methods do employers use to pay employees?


Paper paycheck and direct deposit

Paper Paycheck and Direct Deposit


Payroll card

Payroll Card

What method of payment would be best for you?


Payroll deductions

Payroll deductions

Mandatory

Optional


What are the five main types of taxes

What are the five main types of taxes?

Withheld from wages


Why are income and payroll taxes deducted from wages

Why are income and payroll taxes deducted from wages?

  • Helps manage tax liabilityon an ongoing basis

  • (total tax bill)

  • End of year – total tax liability due

  • Beginning of year


What are the mandatory income and payroll tax deductions

What are the mandatory income and payroll tax deductions?


Federal income tax

Federal Income Tax

How do you benefit from paying federal income taxes?

Largest required deduction


What is a form w 4

What is a Form W-4?

Determines the percentage pay that will be deducted for federal income taxes


Form w 4 allowances

Form W-4 Allowances


Allowances

Allowances

Individuals may change their Form W-4 at any time


State income tax

State Income Tax

Does your state have state income tax?


What is social security

What is Social Security?

  • Income for:

    • Retirees

    • People with profound disability

    • Children who have lost a parent

    • A person with children who has experienced the death of a spouse

  • 6.2%

  • Up to an annual maximum

  • Paid by each worker and matched by employer


What is medicare

What is Medicare?

  • Helps pay for health care for individuals 65 and older

  • 1.45%

  • No limit

  • Paid by each worker and matched by each employer


What are optional payroll deductions

What are optional payroll deductions?

Employee will typically pay much less than privately purchasing that same benefit.


How employers further support employees

How Employers Further Support Employees

  • Both required at no cost to the employee


How employers further support employees1

How Employers Further Support Employees


What is a pay stub

What is a pay stub?

Why is it important to review your pay stub?

Pay stub - outlines the deductions made to wages


Pay stub

Pay Stub


Pay stub1

Pay Stub

Why is the pay period different than the pay date?


Pay stub2

Pay Stub

Gross income

Net income


Pay stub3

Pay Stub


Pay stub4

Pay Stub

What are examples of deductions?


Pay stub5

Pay Stub

What contributions are included?


Pay stub6

Pay Stub


Can an employer pay employees cash

Can an employer pay employees cash?

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.


Summary

Summary


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