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The Shrinking Paycheck

The Shrinking Paycheck. Consumer Math 2012-2013. Overview. Gross Pay Taxes Deductions Net Pay Examples/Calculations. Gross Pay. Salary Usually ____ hours per week (Full-time) Get the job done (no overtime) Commission Time cards/sheets Flex-time Hourly Overtime definition:

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The Shrinking Paycheck

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  1. The Shrinking Paycheck Consumer Math 2012-2013

  2. Overview • Gross Pay • Taxes • Deductions • Net Pay • Examples/Calculations

  3. Gross Pay • Salary • Usually ____ hours per week (Full-time) • Get the job done (no overtime) • Commission • Time cards/sheets • Flex-time • Hourly • Overtime definition: • Overtime = Hourly Rate * _____ • Piecework

  4. Types of Taxes • Federal Taxes • http://www.irs.gov/pub/irs-pdf/p15.pdf • F.I.C.A. – Federal Insurance Contributions Act • Social Security & Medicare • http://www.ssa.gov/oact/progdata/taxRates.html • State Taxes • S.U.I. – State Unemployment Insurance • W.F./S.W.F. – Work Force Development • F.L.I. – Family Leave Insurance • http://lwd.dol.state.nj.us/labor/employer/ea/rates/ea2012.html • T.D.I. – Temporary Disability Insurance • http://www.state.nj.us/treasury/taxation/pdf/current/njtaxratesch.pdf

  5. Calculations For Taxes (2012) • Taxes Come out of Earned Income Earned Income = Gross Pay - ______________ • Rates & Examples Assume Single, 0 Exemptions • Federal – Follow Charts • http://www.irs.gov/pub/irs-pdf/p15.pdf • F.I.C.A. • Social Security (4.2% - pending 6.2%) • Medicare (1.45%) • State – Follow Charts (2011) • Max: $30,300 Worth of Salary • S.U.I. – (0.3825%) • F.L.I. – (0.08%) • T.D.I. – (0.2%) • W.F.D./S.W.F.D. – (0.0425%) • http://www.state.nj.us/treasury/taxation/pdf/current/njtaxratesch.pdf

  6. Federal Taxes

  7. Federal Taxes

  8. State Taxes

  9. Deductions • Health Insurance Premiums • Medical, Dental, Eyecare • Life Insurance Premiums • Retirement Plan contributions (401k Plan) • Employee Stock Purchase Plans • ESPP and ESOP • Meals, Uniforms, Union Dues, & Other Job Related Expenses

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