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UNDERSTANDING YOUR PAYCHECK

UNDERSTANDING YOUR PAYCHECK. BY ELLEN JOHNSON. WHAT ARE WAGES?. WAGES ARE THE AMOUNT OF MONEY YOU EARN FOR THE WORK YOU PERFORM. GROSS PAY. HOURS WORKED TIMES THE AMOUNT OF MONEY YOU EARN PER HOUR. EXAMPLE. YOU WORK 20 HOURS AND EARN $7.00 AN HOUR (20 X $7.00 = $140.00)

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UNDERSTANDING YOUR PAYCHECK

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  1. UNDERSTANDING YOUR PAYCHECK BY ELLEN JOHNSON

  2. WHAT ARE WAGES? WAGES ARE THE AMOUNT OF MONEY YOU EARN FOR THE WORK YOU PERFORM

  3. GROSS PAY • HOURS WORKED TIMES THE AMOUNT OF MONEY YOU EARN PER HOUR

  4. EXAMPLE • YOU WORK 20 HOURS AND EARN $7.00 AN HOUR (20 X $7.00 = $140.00) • YOUR GROSS PAY IS $140.00 WHAT WILL YOUR GROSS PAY BE?

  5. NET PAY • YOUR PAY AFTER DEDUCTIONS

  6. FEDERAL TAXES STATE TAXES FICA BENEFITS HEALTH INSURANCE RETIREMENT DEDUCTIONS

  7. FEDERAL TAXES • AMOUNT WITHHELD DEPENDS ON HOW MUCH YOU EARN AND THE INFORMATION ON YOUR W4 FORM

  8. STATE TAXES MONEY WITHHELD FOR THINGS LIKE SCHOOLS ROADS SOCIAL SERVICES

  9. FICA • FEDERAL INSURANCE CONTRIBUTION ACT – TAXES FOR RETIREMENT AND TO CARE FOR THE ELDERLY • REMEMBER, SOMEDAY YOU WILL BE AN ELDERLY PERSON

  10. MEDICAL INSURANCE MONEY DEDUCTED TO PAY FOR WHEN YOU ARE SICK

  11. RETIREMENT • MONEY WITHHELD FOR YOUR RETIREMENT (WHEN YOU NO LONGER HAVE TO WORK UNLESS YOU WANT TO)

  12. PUTTING IT ALL TOGETHER • UNDERSTAND HOW MUCH MONEY YOUR EARN AN HOUR • UNDERSTAND WHAT YOUR DEDUCTIONS ARE

  13. PUTTING IT ALL TOGETHERCONTINUED • UNDERSTAND HOW TO CALCULATE YOUR DEDUCTIONS • UNDERSTAND HOW TO CALCULATE YOUR GROSS PAY

  14. REMEMBER… GROSS PAY – DEDUCTIONS = NET PAY

  15. IS THIS IMPORTANT? • YES!! YOU NEED TO REVIEW YOUR PAYCHECK TO KNOW IF YOU BEING PAID CORRECTLY AND IF THE RIGHT AMOUNT OF DEDUCTIONS ARE BEING WITHHELD

  16. PRACTICE • REVIEW THE PAY STUB WORKSHEET • CALCULATE GROSS PAY • CALCULATE DEDUCTIONS • CALCULATE NET PAY • UNDERSTAND VOCABULARY

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