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Daily Information 3/10/14 3/10/2014 • Agenda: • Warm Up • Student P.P. • Word Cloud • Getting Paid P.P. • Student notes • Getting Paid Math • Exit Ticket • Warm Up: • How much money does a person need? • Record all your expenditures from the weekend in your budget. • Objectives: • Identify items that are listed on a paycheck stub. • Differentiate between gross and net income.
Getting Paid Chapter 2 Lesson 2
Types of Income *** Earned Unearned Interest Dividends(cash and stock) Pension • Wage/Hourly • Salary • Tip • Commission
Salary vs. Hourly Would you rather be paid a salary or hourly wage?
Payroll deductions Mandatory Optional
Pay Check Deductions *** Mandatory Deductions Optional Deductions Health Insurance Life Insurance Disability Insurance Retirement Plan • Federal income tax • State income tax • Local income tax • Social Security Tax • Medicare Tax
Federal Income Tax How do you benefit from paying taxes? Largest required deduction
What is Social Security? • Income for: • Retirees • People with disability • 6.2% • Paid by each worker and matched by employer
What is Medicare? • Helps pay for health care for individuals 65 and older • 1.45% • Paid by each worker and matched by each employer
How Employers Further Support Employees *** Both required at no cost to the employee
How Employers Further Support Employees *** • Pay without work (vacation, sick, personal) • Perks (emotional satisfaction or social status) • Educational Benefits • Retirement Plans • Insurance Through Benefits: Forms of pay other than salary or wages Increase the overall value of disposable income
What is a pay stub? Why is it important to review your pay stub? Pay stub - outlines the deductions made to wages
Pay Stub Gross income Net income
Pay Stub What are examples of deductions?
Daily Information 3/12/2014 3/12 Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts Warm Up: How do you calculate gross pay if you are an hourly employee? Enter expenditures in student budget. • Agenda: • Warm-up • Exemptions and Self-Employment P.P. • Taboo game • Getting Paid Math • Reinforcement activity
Daily Information 9/29/2014 3/12 • Objectives: • Describe how exemptions claimed on the W4 form effect taxes. • Discuss the advantages and disadvantages of self-employment • Agenda: • Warm-up • Exemptions and Self-Employment P.P. • Taboo game • Reinforcement activity Warm Up: What is the difference between the W2 and W4 form.
Chapter 2 W4 Form Filing Taxes Self Employment
Starting a New Job Form W-4 • Employee’s Withholding Allowance Certificate • Determines the amount of money withheld for taxes
Allowances Individuals may change their Form W-4 at any time
W-4 Form Federal and State income taxes are withheld according to income and amount of exemptions/Allowances claimed on the W-4 form • Exemption = Allowances = Dependent(a person that depends on you for more than half of his or her support) • Income tax breaks that reduce your taxable income • More exemptions claimed = less tax withheld • Can claim one for yourself (unless claimed by someone else) • Married people with children can claim more exemptions
Exemptions Assume each exemption is worth $3,700 • Remember, you may claim yourself as an exemption, your spouse, and all children • Calculate the amount of exemptions for the Bell Family
The Bell Family Husband: Marty, salary $85,000 Wife: Katie, salary $65,000 Children: Jules, Patty, and Sue • Total family income: • 85,000 + 65,000 = 150,000 • Subtract total exemptions: • 5 X 3,700 = 18,500 • Total taxable income: • 150,000 – 18,500 = 131,500
Filing Taxes • W-2 form: used to report taxable income during the calendar year • 1040EZ form: short tax return designed for single and joint filers with no dependents • E-filingresults in refunds received much more quickly than a paper return
Slide 32 Types of small Businesses • Lifestyle businesses • Stays small and exists for the life of the owner • Venture businesses • Continues to grow to become a corporation • Continues after the life of the owner
Taboo The object of Taboo is for a player to have his/her team guess the term at the top of a Taboo card by describing the term without using any of the words listed underneath it. www.online-stopwatch.com
Homework First page of “Getting Paid Math”
Daily Information 3/17/2014 3/12 Warm Up: If you have not already done so, calculate your bi-weekly gross pay based on your annual income for the career project. Ex) 62,000/26 = $2,384.62 Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts • Agenda: • Warm-up • Study Guide • Project: Career, Resume
Daily Information 3/18/2014 3/12 Warm Up: Quiz Today!! Take out your study guide and review. Update your student budget with any changes. Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts • Agenda: • Warm-up • Ch2 Quiz • Project: Career, Resume, Paycheck