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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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Presentation Transcript
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?




Payroll card
Payroll Card

What method of payment would be best for you?


Payroll deductions
Payroll deductions

Mandatory

Optional



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



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



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



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 stub1
Pay Stub

Why is the pay period different than the pay date?


Pay stub2
Pay Stub

Gross income

Net income



Pay stub4
Pay Stub

What are examples of deductions?


Pay stub5
Pay Stub

What contributions are included?



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.



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