© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.1 Taxes and Your Paycheck Objectives: By the end of class, students.

Slides:

Advertisements

Similar presentations

LESSON 12-2 Determining Payroll Tax Withholding

Advertisements

Calculating Payroll Taxes By Adote Akue. Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income.

LESSON 13-1 Recording A Payroll

Warm up Joe’s employer pays 60% of his annual medical insurance premiums. The total annual cost per employee is $5,000. Joe is paid bi-weekly. What dollar.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-3 Reporting Withholding And Payroll Taxes.

LESSON 12-2 Determining Payroll Tax Withholding

Preparing Payroll Records

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

What different types of taxes are deducted from employee’s paychecks? LESSON DO NOW.

2.1 Deductions from the Gross Pay

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 13-1 CHAPTER 13 OBJECTIVES PAYROLL ACCOUNTING, TAXES, AND REPORTS DEFINE ACCOUNTING TERMS RELATED.

Section 2Payroll Deductions What You’ll Learn  Why deductions are calculated and reported.  How to calculate deductions required by the federal government.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Pay and Taxes INVESTIGATE WHAT IMPACTS YOUR PAYCHECK AND PERSONAL TAXES ©2012 National Endowment for Financial Education | Lesson 3-3: Pay and Taxes 1.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Recording Employer Payroll Taxes Original created by M.C. McLaughlin, Thomson/South-Western Modified.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.1Slide 1 2.1Deductions from Gross Pay Find federal withholding tax deductions Calculate social security.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Recording Employer Payroll Taxes.

LESSON 12-1 Preparing Payroll Time Cards

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding.

SECTION 2-6 Statement of Earnings pp

Preparing Payroll Records

Sample Problem Chapter 10 Determining social security withholding. The monthly salaries for December and the year-to-date earnings of the employees of.

Good morning Monday, May 7, 2012

Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO6 Prepare a payroll register. LO7 Prepare.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-3 Reporting Withholding And Payroll Taxes  Employer annual report to employees.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes.

Warm Up 2345 x x x x

Chapter 12 Payroll Accounting

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 12-1 CHAPTER 12 OBJECTIVES PREPARING PAYROLL RECORDS DEFINE TERMS RELATED TO PAYROLL RECORDS COMPLETE.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-3 Preparing Payroll Records.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes.

Taxes and Your Paycheck Career and Financial Management 2.

CHAPTER 5 TAXES How Much of Your Income Will You Keep?

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-3 Preparing Payroll Records  Payroll register  Employee earnings records.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.3 Save with Safety Objectives: By the end of class, students will be.

Understanding My Paycheck: The Basics TRiO Student Support Services Financial Literacy Spring 2016.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.2 File a Tax Return Objectives: By the end of class, students will.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.3 Taxes and Government Objective: By the end of class, students will.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS BANKING SERVICES CHAPTER 7 BANKING SERVICES Where to Stash Your Cash WHAT’S AHEAD 7.1 How Banks.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 7 LESSON 7.3 Electronic Banking Objectives: By the end of class, students will.

Chapter 13 Preparing Payroll Records Part II. Payroll Register A business form used to record payroll information.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 4 LESSON 4.4 Interview Successfully Objectives: By the end of class, students.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 4 LESSON 4.3 Apply for a Job Objectives: by the end of class, students will be.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.4 Simple and Compound Interest Objectives: By the end of class, students.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.1 Why Save? Objectives: By the end of class, students will be able.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 7 LESSON 7.4 Balance Your Checkbook Objectives: By the end of class, students.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 7 LESSON 7.5 Other Banking Services Objectives: By the end of class, students.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 6 LESSON 6.3 Your Budget Worksheet Objectives: By the end of class, students will.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.4 Government Spending Objectives: By the end of class, students will.

Processing Payroll Review. Lesson 12-1 Calculate regular hours. 1 1 Calculate overtime hours. 2 2 Calculate total hours. 3 3.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 6 LESSON 6.2 Track Income and Expenses GOALS  Describe how to set up an effective.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 8 LESSON 8.2 Savings Institutions and Accounts Objectives: By the end of class,

LESSON 2.4 Shopping on the Net

Reporting Withholding And Payroll Taxes

EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD

LESSON 12-3 Preparing Payroll Records

LESSON 12-4 Preparing Payroll Checks

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-3 Preparing Payroll Records

LESSON 12-3 Preparing Payroll Records

Presentation transcript:

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.1 Taxes and Your Paycheck Objectives: By the end of class, students will be able to:  Describe payroll taxes and withholding  Understand a paycheck stub and the W-4 form

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 5 Payroll Taxes  Income taxes – Taxes you pay on most types of income you receive  Social insurance taxes – Taxes that support social programs such as Social Security.

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 3 Chapter 5 Withholding  Your paycheck stub  Gross income – Amount you earn before taxes are withheld  Net income – Amount you receive after withholdings are subtracted from your gross pay

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Withholding Continued  Form W-4  Allowances- A number that you calculate on a form W-4 that reduces the amount withheld from your pay Slide 4 Chapter 5

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  Your Task:  1. Read pages in your Economics textbook.  2. Complete Try These Questions 1-7 on Page 165 of your Economics textbook.  Extra Credit: Complete Think Critically Questions 8-10 on page 165 of your textbook. Slide 5 Chapter 5