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Dollars & sense

Dollars & sense. Paychecks & Labor Laws. Financial Planning. Gross Pay. Total amount earned before deductions are taken out Gross pay earned different ways: Salary Set $ amount per year Wages Set $ amount per hour Possibility of earning overtime Commission % of sales made Tips

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Dollars & sense

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  1. Dollars & sense Paychecks & Labor Laws

  2. Financial Planning

  3. Gross Pay • Total amount earned before deductions are taken out • Gross pay earned different ways: • Salary • Set $ amount per year • Wages • Set $ amount per hour • Possibility of earning overtime • Commission • % of sales made • Tips • Combination

  4. Deductions • Money taken out of your paycheck to pay other parties • Mandatory vs. Voluntary

  5. Mandatory Deductions • Federal Income Tax • State Income Tax • FICA Taxes • Social Security (6.2% on first $106,800) • Medicare (1.45%; no limit)

  6. Voluntary Deductions • Insurances • Medical (Health), Dental, Life, Disability • Investments (retirement accounts) • Union Dues • Flexible Spending Accounts • Charity • Others

  7. Net Pay • The amount of money you receive after all deductions are taken out

  8. Sample Paycheck

  9. Minimum Wage • Minimum Wage • http://www.laborlawcenter.com/t-federal-minimum-wage.aspx • Federal: $7.25 • State: $7.25 • Minors: $7.25 • Tipped Employees: $2.33 • Agricultural Employees • Adult: $7.25 • Minor: $7.25

  10. Teen Labor Laws • Hours and Times of Day Minors May Work in Wisconsin • www.dwd.state.wi.us/dwd/publications/erd/pdf/erd_9212_p.pdf

  11. Questions • Joe is 14. He plans to work as a bagger at County Market during the school year. What are some of the guidelines Joe’s employer must follow regarding hours and times he may work?

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