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Objective: You will learn what deductions come out of your paycheck

Objective: You will learn what deductions come out of your paycheck.

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Objective: You will learn what deductions come out of your paycheck

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  1. Objective: You will learn what deductions come out of your paycheck An employee starting a new job has the option to choose how he is paid for the first twenty days of work. He works five days a week, for four full weeks. Make the best choice for the new employee after comparing the two options. Then, justify your answer. Payment Option 1: For the first twenty days of work, the new employee will be paid $500 a day. Payment Option 2: The pay will be $0.01 for the first day. Each day the pay will double. So, it will be $0.02 the second day, $0.04 the third day, $0.08 the fourth day, etc. By the end of twenty days, how much money will the employee have made?

  2. Double the Salary

  3. Solution Payment Option 1: $500.00 a day * 20 days = $10,000.00 Payment Option 2: This is a better choice for the new employee as he will be making $10,485.75 This is $485.75 more than if he would have chosen Payment Option 1

  4. Journal • Today I learned… • I still don’t understand…. • When I get paid, I hope…

  5. You will learn about forms needed to begin a new job • From the video yesterday, what are the taxes that come out of your paycheck used for? What other things might be deducted from your paycheck?

  6. Journal • What is a W-4? How does the way you fill it out affect your pay?

  7. You will learn how to read a pay stub • Get a handout from the front of the room. Complete it.

  8. You will learn how to read a paycheck and characteristics of payment methods • Get a handout from the front of the room. Complete it.

  9. You will learn how to read a paycheck and characteristics of payment methods • What two forms must an employee complete when beginning a new job? • What documentation must be provided to complete a form I-9? • What does the form W-4 determine? • What information is provided on form W-2? • How much money was earned and paid in taxes throughout the previous year • Form W-4 and Form I-9 • Amount of gross income which will be withheld for taxes • Drivers license, social security card, military ID card, birth certificate

  10. Journal • If you had the choice, which method of payment would you choose, a payroll card, direct deposit, or a paycheck? Why would you choose that!

  11. You will learn how to read a paycheck and term associated with a pay stub • Get a handout from the front of the room. Complete it.

  12. Ways of Getting Paid • Employers directly deposit an employee’s paycheck into his/her bank account and send the employee the pay stub. • Electronically carries the balance of the employee’s net income • What are the tree methods discussed that an employer might use to pay his/her employees • The length of time for which an employee’s wages are calculated • Payroll Card • Paycheck, direct deposit, payroll card • Pay period • Direct Deposit

  13. Journal • What would be higher, your net pay or your gross pay? Explain why.

  14. You will practice reading a pay stub • Get a handout from the front of the room. Complete it.

  15. You will practice reading a pay stub • When reading a paycheck 3 things I should always remember are …

  16. You will review for a quiz tomorrow • Get a handout from the front of the room and complete it.

  17. Taxes • What two tax forms are represented within FICA? • Services our tax dollars are used for? • Required charges of citizens by local, state, and federal governments • What does social security fund? • Social Security and Medicare • Nations Retirement Program • Police, schools, roads, emergency services, government agencies, etc. • Taxes

  18. Journal • Tonight for my test, I need to review_________ because_____________

  19. You will take your test on Planet Paycheck • Get a handout from the front of the room and complete it.

  20. Paycheck Pros: Cons: Direct Deposit Pros: Cons Payroll Card Pros: Cons Payment Method Pros and Cons

  21. When you are finished • Turn in your test • Get a Depository Institution Discovery Handout • Read it and answer the questions in the text.

  22. Journal • Today on my test I __________________ • My favorite part of this unit was__________ • I will use the information I learned in this unit when I __________________

  23. Agenda • Get a graphic organizer • Watch the video • While you are watching the video, be sure to complete the graphic organizer. You will get a process grade for it. • Watch the video by clicking the link below. • https://www.youtube.com/watch?v=o4iYWixBLIM

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