Understanding your Paycheck

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Presentation transcript:

Understanding your Paycheck

‘ **Note-If student, please see next page** Date: When it will be deposited at your bank Deposit in the Name of: Net Pay: Amount you earn after all deductions have been taken Your Name Employee Name & ID: Your name & ID No ‘ Distribution of Net pay: Bank Account where your money will be deposited Pay Period: Start & End of Pay Period Deposit Amount: Amount that will be deposited in your bank account Deductions are money subtracted from gross pay Federal & State tax are determined by information on your W-4. FICA/Social Security tax provides retirement income for old-age, survivors & disability insurance (taxed at 6.2% of gross income) Medicare provides health care programs for the elderly & disabled (taxed at 1.45% of gross income) Both FICA & Medicare are matched by the employer Current Gross: Amount of money earned before deductions are taken YTD Gross: How much money you have made so far this year **Note-If student, please see next page**

(taxed at 6.2% of gross income) Federal Income Tax is funds services provided by the federal government (such as defense & human services) State Income Tax is funds services provided by state government (such as roads, safety & health) FICA/Social Security tax provides retirement income for old-age, survivors & disability insurance (taxed at 6.2% of gross income) Medicare provides health care programs for the elderly & disabled (taxed at 1.45% of gross income) Both FICA & Medicare are matched by the employer *Students* FICA/Social Security & Medicare taxes are not withheld while the student is working and attending college. If the student works at the college during the summer then FICA/Social Security & Medicare will be withheld.