JOE WORKED 40 HOURS THIS WEEK. HE EARNS $15.75 PER HOUR

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Presentation transcript:

JOE WORKED 40 HOURS THIS WEEK. HE EARNS $15.75 PER HOUR HOW MUCH MONEY DID JOE EARN THIS WEEK? JOE WORKS FOR FORD’S CONSTRUCTION COMPANY Gross pay is the amount of money you make before any deductions are taken out.

DEDUCTIONS DOES JOE GET TO TAKE ALL $630 HOME WITH HIM?? WHAT KINDS OF ITEMS MIGHT BE TAKEN OUT OF JOE’S CHECK?

POSSIBLE DEDUCTIONS TAKE OUT OF THE $630 FEDERAL INCOME TAX 15% NC STATE INCOME TAX 7% F.I.C.A. (Social Security) TAX 7.65% HEALTH INSURANCE $25 RETIREMENT $37.80 (6%) CALCULATE THE DEDUCTIONS THAT WILL BE TAKEN OUT OF JOE’S CHECK FEDERAL INCOME TAX STATE INCOME TAX F.I.C.A. TAX HEALTH INSURANCE RETIREMENT

HOW MUCH MONEY WILL JOE ACTUALLY GET TO TAKE HOME?? NET PAY

IF JOE WORKS 45 HOURS THE NEXT WEEK, HE RECEIVES OVERTIME OR TIME AND ½ PAY Remember Joe’s regular pay is $15.75/hour HOW DO WE CALCULATE HIS GROSS PAY FOR THIS WEEK? Calculate his regular pay work hours (anything 40 or under) Calculate his overtime pay by taking the number of hours overtime he worked X his regular pay X 1.5 Add his regular pay and his overtime pay together

FIGURE JOE’S NET PAY BASED ON THE FOLLOWING DEDUCTIONS: Remember, his Gross Pay is $748.13 FEDERAL INCOME TAX 15% STATE INCOME TAX 7% F.I.C.A. TAX 7.65% HEALTH INSURANCE $25 RETIREMENT $44.89 (6%) TOTAL AMOUNT OF DEDUCTIONS JOE’S NET PAY?? (GROSS PAY – YOUR TOTAL DEDUCTIONS)