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Understanding Taxes and Deductions from Your First Paycheck

lilia avatar
lilia
16 diapositives · 286 Views · Jul 26, 2014

Congratulations on landing your first job! While you may be excited to see a big paycheck, it's likely that the amount you'll take home is less than expected due to various payroll deductions. This guide covers the essential taxes and deductions, including federal and state income taxes, Social Security, Medicare, health insurance, and possibly retirement contributions. Understanding these elements of your paycheck will help you grasp what happens to your earnings and how government services are funded. Let's break it down!

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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 Tax Return form and mail it to the IRS.

  10. Sample W-2 Form

  11. 1040EZ Form

  12. W-2 #1

  13. W-2 #2