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UNDERSTANDING YOUR PAYCHECK - PowerPoint PPT Presentation
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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)
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Presentation Transcript
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)
- YOUR GROSS PAY IS $140.00
WHAT WILL YOUR GROSS PAY BE?
NET PAY
- YOUR PAY AFTER DEDUCTIONS
FEDERAL TAXES
- AMOUNT WITHHELD DEPENDS ON HOW MUCH YOU EARN AND THE INFORMATION ON YOUR W4 FORM
FICA
- FEDERAL INSURANCE CONTRIBUTION ACT – TAXES FOR RETIREMENT AND TO CARE FOR THE ELDERLY
- REMEMBER, SOMEDAY YOU WILL BE AN ELDERLY PERSON
MEDICAL INSURANCE
MONEY DEDUCTED TO PAY FOR WHEN YOU ARE SICK
RETIREMENT
- MONEY WITHHELD FOR YOUR RETIREMENT (WHEN YOU NO LONGER HAVE TO WORK UNLESS YOU WANT TO)
PUTTING IT ALL TOGETHER
- UNDERSTAND HOW MUCH MONEY YOUR EARN AN HOUR
- UNDERSTAND WHAT YOUR DEDUCTIONS ARE
PUTTING IT ALL TOGETHERCONTINUED
- UNDERSTAND HOW TO CALCULATE YOUR DEDUCTIONS
- UNDERSTAND HOW TO CALCULATE YOUR GROSS PAY
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
- REVIEW THE PAY STUB WORKSHEET
- CALCULATE GROSS PAY
- CALCULATE DEDUCTIONS
- CALCULATE NET PAY
- UNDERSTAND VOCABULARY
