Getting paid
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Getting Paid PowerPoint PPT Presentation


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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

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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


Payroll Card

What method of payment would be best for you?


Payroll deductions

Mandatory

Optional


What are the five main types of taxes?

Withheld 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?


Federal Income Tax

How do you benefit from paying federal income taxes?

Largest required deduction


What is a Form W-4?

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


Form W-4 Allowances


Allowances

Individuals may change their Form W-4 at any time


State Income Tax

Does your state have state income tax?


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?

  • 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?

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


How Employers Further Support Employees

  • Both required at no cost to the employee


How Employers Further Support Employees


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

Why is the pay period different than the pay date?


Pay Stub

Gross income

Net income


Pay Stub


Pay Stub

What are examples of deductions?


Pay Stub

What contributions are included?


Pay Stub


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


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