1 / 0

Harvey crumbaker

Harvey crumbaker. The world of finance. Understanding a paycheck stub. There are all sorts of abbreviations on pay stubs that you need to understand to understand your paycheck. REG- regular timed worked OT- Over timed worked YTD- Year to Date Gross- Gross Pay

urvi
Download Presentation

Harvey crumbaker

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Harvey crumbaker

    The world of finance
  2. Understanding a paycheck stub There are all sorts of abbreviations on pay stubs that you need to understand to understand your paycheck. REG- regular timed worked OT- Over timed worked YTD- Year to Date Gross- Gross Pay FED TAX- Federal Taxes State Tax- State Taxes WKComp- Workman’s Compensation Net- Net pay FICA- Social Security Tax SIT- Sate Withholdings FIT- Federal Withholdings 401K- savings pre-tax deduction
  3. Understanding a paycheck stub GROSS PAY Vs. NET PAY Gross pay is how much you are paid during the pay period before taxes. Net pay is how much you bring home after taxes are taken out of your check. YTD- Year To Date refers to how much you have made this calendar year.
  4. Figuring how much you should get paid Keeping track of your weekly hours worked is very important. ex. Susan worked 12 hours 1/2/12- 1/6/12 Susan worked 19 hours 1/9/12- 16/12 Susan gets paid every two weeks how many hours did she work during this pay period? To figure your gross income for a pay period you take your hours worked times how much you make an hour. Susan gets paid min. wage ( $7.25 an hour) What is her gross pay this pay period?
  5. Overtime/ time and a half/ holiday pay Once you get a job you may hear of: Overtime/ Time and a half Holiday pay These are different types of ways your employer may pay you for work you have done.
  6. overtime Over time is where an employee works over 40 hours in a week. This time is the combined time of the week and does not go by days. EX. If you work 10 hours on Monday and 7 hours on Tuesday that is NOT considered overtime. This does not apply to some jobs. Any job where the person gets paid salary does not receive overtime hours. Their work week is usually more flexable when look at their hours. EX. Of job that do not get over time are: managers, supervisors, professionals, etc.
  7. Time and a half For every hour you work over 40 hours in a week you have to receive time and a half. This is 1 ½ times what your regular rate of pay is for each hour. EX: Susan get $7.25 an hour and works 46 hours this week what would she get paid. 7.25 x 1 ½ = 10.87 overtime rate. 7.25 x 40= 290 10.87 x 6= 65.22 Total gross pay of $ 355. 22
  8. Holiday pay Holiday pay is payment for a holiday where the employee does not have to work ( like vacation). Usually the business is closed that day, but the employees get paid anyway. This is not required by law for businesses and if a business does give holiday pay that is because they have made that decision. Holiday pay is at the regular rate at which you get paid. Many times the holidays that employers will pay you for are the federal holidays.
  9. Holiday pay There are nine holidays that the federal government recognize: New Year's Day Birthday of Martin Luther King, Jr. Washington's Birthday Memorial Day Independence Day (4th of July) Labor Day Columbus Day Veterans Day Thanksgiving Day Christmas Day
More Related