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Taxes and Your Paycheck

Taxes and Your Paycheck. Consumer Economics. Your First Paycheck!. You nailed the interview, got a call back and started your new job! You’ve been working hard for a couple of weeks, having a blast, but now you’re ready to get PAID!!! Y ou worked 80 hours over 2 weeks for $25/hour.

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Taxes and Your Paycheck

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  1. Taxes and Your Paycheck Consumer Economics

  2. Your First Paycheck! • You nailed the interview, got a call back and started your new job! • You’ve been working hard for a couple of weeks, having a blast, but now you’re ready to get PAID!!! • You worked 80 hours over 2 weeks for $25/hour. • Payday comes around and your check is…. • $2000………………….. • SIKE!

  3. What Happened?!?!?! • Your paycheck was less than expected. Was there an error? • Probably not. • A variety of taxes and other expenses are taken out of each paycheck.

  4. What gets taken out? • Income Taxes • Federal and State • This is how the governments run and provide services • Social Security/ Pension • Will be paid back when you retire • Medicare • Will cover health expenses when retired • Health/Dental Insurance • Covers current health care expenses • Union Dues • Membership fees if you are in a union • Retirement Plan/ Savings (401K, Roth IRA, 403B) • Optional, but a good idea

  5. About Taxes • Individuals and businesses pay taxes to the government. • This money is used to help the govt. operate and provide services. • Taxes are collected by all levels of government (Federal, State, Local). • Different types of taxes include: income, sales, property, excise, “sin,” estate, gift, and business taxes.

  6. “Sin” Taxes

  7. Federal Government Spending • 1. Social Security and Medicare • 2. Social Programs (Medicaid, food stamps, unemployment, social services) • 3. National Defense, Veterans and Foreign Affairs • 4. Physical, Human, and Community Development (agriculture, education, job training, science, infrastructure) • 5. Interest on National Debt • 6. Law Enforcement and General Government

  8. State and Local Government Spending • Building and maintaining roads • Police and Fire depts. • Criminal Justice system • Building/operating schools • State universities • Supporting medical facilities

  9. Your Tax Return • Every year, Federal and State governments take out taxes as the year goes on. • They either take too little, in which case you owe the government $ • Or they take too much, and they owe you a tax refund! • Either way, you need to fill out a form and mail it to the IRS. • We will practice this in class!

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