What Happened To My Paycheck? TAXES. Taxes Social Security – Benefits of retired workers or disabled and dependents Medicare Tax – provide medical benefits.

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Presentation transcript:

What Happened To My Paycheck? TAXES

Taxes Social Security – Benefits of retired workers or disabled and dependents Medicare Tax – provide medical benefits to certain individuals when they reach 65 (Workers, retired workers and spouses)

Federal Income Tax Finance National defense, veterans, and foreign affairs Social Programs Law enforcement Interest on the national debt

What is a Progressive Tax? In a progressive tax structure, you pay an increasing percentage on your taxable income as it rises

The W4 Determines how much federal income tax to withhold Depends on  The employee’s martial status  The number of withholding allowances are claimed by the employee  Any additional amount the employee wants to withhold  Any exemptions from withholding that the employee claims

Gross vs. Net Pay Employers withhold taxes from the employees'’ pay Gross pay is the amount the employee earns Net pay, or take-home pay, is the amount the employee receives after deductions

The Equation Gross Pay Minus ▫Social Security Taxes ▫Medicare Taxes ▫Income tax withheld ▫Misc: Retirement ▫_________________________________ ▫Net Pay

Tax Time!! April 17, 2017 Tabulate your gross income ▫W2 Forms ▫Interest Earnings ▫Bonuses/tips ▫Dividends

What is an Exemption? Charity Student Loan Interest Moving expenses- work Adjusted gross income