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Paychecks And Taxes - PowerPoint PPT Presentation


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Paychecks And Taxes. Payday Pay period- A length of time for which an employee’s wages are calculated. Weekly – paid every week Biweekly- paid every other week Monthly- paid once a month Delay period- time between work period and pay period. Paychecks and Deductions

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Presentation Transcript
slide1

Paychecks

And

Taxes

slide2

Payday

Pay period- A length of time for which an employee’s wages are calculated.

Weekly – paid every week

Biweekly- paid every other week

Monthly- paid once a month

Delay period- time between work period and pay period

slide3

Paychecks and Deductions

Federal and State Taxes

Social Security Taxes

Medicare Taxes

Health and Dental Insurance

Union Dues

Life Insurance

Long Term Care Insurance

Saving Plans

Pensions

Uniforms

Loans

Charitable Contributions

slide4

Net Pay

The amount of money left after all deductions have been taken from your gross pay. Also known as your taken home pay.

Example-

Gross Pay $ 1250

Deductions - 225

Net Pay 1025

slide5

W-4 Form- Employee’s withholding allowance certificate, a form filled out by an employee when beginning a new job. It determines how much of the employee’s pay should be withheld for taxes.

A dependent- A person, such as a child or nonworking adult, who relies on a taxpayer for financial support.

See Form

slide6

W-2 Form

Wage and tax statement, a form showing how much a worker was paid and how much income was withheld for taxes in a given year.

slide7

Taxes

Internal Revenue Service (IRS) – is the agency that enforces the tax laws and collects taxes

Income Tax- A tax paid on all forms of earnings

State Federal Local

Social Security Tax-Paid in order to receive income after you stop working

Federal Insurance Contributions Act (FICA)- Allows the federal government to reserve a percentage of paycheck for social security tax

Any one who earns money must file a tax return!!

Tax Penalties- Minor for mistakes

Major for intentional errors and fraud