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What Happened to My Paycheck?

What Happened to My Paycheck?. Lowery Financial Literacy Unit 8 th Grade FACS. Health Insurance. Medical, Dental and Vision 6,250 per year. Adjusted Taxable Income. Amount you are taxed on: Annual Salary – Health Insurance

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What Happened to My Paycheck?

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  1. What Happened to My Paycheck? Lowery Financial Literacy Unit 8th Grade FACS

  2. Health Insurance • Medical, Dental and Vision • 6,250 per year

  3. Adjusted Taxable Income • Amount you are taxed on: • Annual Salary – Health Insurance • Other items such as investments for retirement and other deductions could be subtracted but we will not address those.

  4. Federal Tax • Multiply your adjusted taxable income by 7% or .07. • This is an average and will adjust by income level and number of dependants.

  5. State Income Tax • Adjusted Taxable Income multiply by 3% or .03. • Varies according to income level and number of dependants.

  6. County Tax • Multiply your adjusted taxable income by .03 • Used to pay for county development

  7. Medicare Insurance • 2% of your adjusted taxable income. • Health insurance for our American population over 65.

  8. OASDI • 6% of your adjusted taxable income. • Old age, survivors, and disability insurance.

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