understanding your paycheck l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
UNDERSTANDING YOUR PAYCHECK PowerPoint Presentation
Download Presentation
UNDERSTANDING YOUR PAYCHECK

Loading in 2 Seconds...

play fullscreen
1 / 16

UNDERSTANDING YOUR PAYCHECK - PowerPoint PPT Presentation


  • 161 Views
  • Uploaded on

UNDERSTANDING YOUR PAYCHECK. BY ELLEN JOHNSON. WHAT ARE WAGES?. WAGES ARE THE AMOUNT OF MONEY YOU EARN FOR THE WORK YOU PERFORM. GROSS PAY. HOURS WORKED TIMES THE AMOUNT OF MONEY YOU EARN PER HOUR. EXAMPLE. YOU WORK 20 HOURS AND EARN $7.00 AN HOUR (20 X $7.00 = $140.00)

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'UNDERSTANDING YOUR PAYCHECK' - bly


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.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
what are wages
WHAT ARE WAGES?

WAGES ARE THE AMOUNT OF MONEY YOU EARN FOR THE WORK YOU PERFORM

gross pay
GROSS PAY
  • HOURS WORKED TIMES THE AMOUNT OF MONEY YOU EARN PER HOUR
example
EXAMPLE
  • YOU WORK 20 HOURS AND EARN $7.00 AN HOUR (20 X $7.00 = $140.00)
  • YOUR GROSS PAY IS $140.00

WHAT WILL YOUR GROSS PAY BE?

net pay
NET PAY
  • YOUR PAY AFTER DEDUCTIONS
deductions
FEDERAL TAXES

STATE TAXES

FICA

BENEFITS

HEALTH INSURANCE

RETIREMENT

DEDUCTIONS
federal taxes
FEDERAL TAXES
  • AMOUNT WITHHELD DEPENDS ON HOW MUCH YOU EARN AND THE INFORMATION ON YOUR W4 FORM
state taxes
STATE TAXES

MONEY WITHHELD FOR THINGS LIKE

SCHOOLS

ROADS

SOCIAL SERVICES

slide9
FICA
  • FEDERAL INSURANCE CONTRIBUTION ACT – TAXES FOR RETIREMENT AND TO CARE FOR THE ELDERLY
  • REMEMBER, SOMEDAY YOU WILL BE AN ELDERLY PERSON
medical insurance
MEDICAL INSURANCE

MONEY DEDUCTED TO PAY FOR WHEN YOU ARE SICK

retirement
RETIREMENT
  • MONEY WITHHELD FOR YOUR RETIREMENT (WHEN YOU NO LONGER HAVE TO WORK UNLESS YOU WANT TO)
putting it all together
PUTTING IT ALL TOGETHER
  • UNDERSTAND HOW MUCH MONEY YOUR EARN AN HOUR
  • UNDERSTAND WHAT YOUR DEDUCTIONS ARE
putting it all together continued
PUTTING IT ALL TOGETHERCONTINUED
  • UNDERSTAND HOW TO CALCULATE YOUR DEDUCTIONS
  • UNDERSTAND HOW TO CALCULATE YOUR GROSS PAY
remember
REMEMBER…

GROSS PAY – DEDUCTIONS

= NET PAY

is this important
IS THIS IMPORTANT?
  • YES!! YOU NEED TO REVIEW YOUR PAYCHECK TO KNOW IF YOU BEING PAID CORRECTLY AND IF THE RIGHT AMOUNT OF DEDUCTIONS ARE BEING WITHHELD
practice
PRACTICE
  • REVIEW THE PAY STUB WORKSHEET
  • CALCULATE GROSS PAY
  • CALCULATE DEDUCTIONS
  • CALCULATE NET PAY
  • UNDERSTAND VOCABULARY