You’ve been hired! What do I need to bring with me? – I-9 Form – Driver’s license/photo ID – Social Security card/birth certificate/passport

I9 Form Employment Eligibility Verification Form required by the Immigration and Naturalization Services (INS) to verify your identity and your eligibility to work

Income -the payment people receive for providing resources in the market Wages - the income for providing human resources (labor) - hourly rate X number of hrs worked Salary – annual amount paid monthly or bi-monthly for a specified number of hours

Minimum Wage: (Jan 1, 2016) $8.31/$5.29 tipped (CO) $7.25 (FED) **minimum amount of compensation that workers must receive under the law Advantages – Makes the hiring process easier for young or unskilled workers- know what wage to expect – Adults who depend on their jobs can keep their jobs Disadvantages – Doesn’t keep up with inflation – Encourages illegal hiring

What hourly wage might you & other teenagers in this area earn? How many hours would you expect to work at a part-time job during the school year? How many hours would you expect to work at a part-time job during the summer?

Taxes - government fees on business and individual income, activities, products or property Gross pay - the amount people earn per pay period before any deductions or taxes are paid Net pay - the amount people receive after taxes and other deductions are taken out

Income tax - a tax on the amount of income people earn How much federal income tax was withheld from John's check? $25.20 What percentage of his income did John pay in federal income tax? $25.20/$ =.15 = 15% Q Q A A

Form W-4 is a form that must be completed by employees before they start a job. How do I fill out that crazy form?!?!

FICA Federal Insurance Contributions Act Required tax used to fund Social Security & Medicare Social Security Federal program that provides benefits for retireees, the disabled & minor children of deceased workers Medicare Federal program that provides hospital insurance benefits Employers & employees each pay a portion SS-6.2% Medicare-1.45%

Form W-2 is a form employers must provide to employees at the end of each year to report annual income and withholding for the employee's tax return.

What are some goods and services that the federal government provides for citizens? state roads national parks national defense state parks state troopers police protection public education fire protection interstate highways street lights federal government provided goods and service

What are some goods and services that the state government provides for citizens? state roads national parks national defense state parks state troopers police protection public education fire protection interstate highways street lights state government provided goods and service

What are some goods and services that the local government provides for citizens? state roads national parks national defense state parks state troopers police protection public education fire protection interstate highways street lights local government provided goods and service

What are taxes? Taxes are government fees on business and individual income, activities, products or property. People are required to pay taxes.

What is FICA? FICA is a tax or required contribution resulting from the Federal Insurance Contributions Act.

What is income? Income is payment people receive for providing resources in the market.

What are wages? Wages are a form of income people receive for work they do.

What is net pay? Net pay is take-home pay; it's the amount received after taxes and deductions have been taken out.

What does FICA fund? FICA funds Social Security and Medicare.

What is gross pay? Gross pay is the amount people earn in a pay period before any deductions or taxes are taken out.

What is a W-4 form and for what is it used? A W-4 form is a form that must be completed by employees before they start a job. It is used by employers to determine the amount of income tax to withhold.

What is a W-2 form? A W-2 form is a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return.

Who pays FICA? Both employees and employers pay FICA.

Age requirements No minor under age 14 permitted to work School days/school hours- no minor under 16 permitted to work – After school no minor under 16 can work in excess of 6 hrs unless the next day is not a school day School release permit – Needed to work on school days during school hrs – Issued by the school district