Warm-up: Payroll Exemptions

Slides:

Advertisements

Similar presentations

Understanding your Paycheck

Advertisements

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

UNDERSTANDING YOUR PAYCHECK

In your notebook…  Imagine you have taken a job at the mall earning $9.00 per hour. Over the course of two weeks you work a total of 20 hours. Estimate.

A plan for managing money during a given period of time Financial Roadmap.

Taxes and Your Paycheck Career and Financial Management 2.

1.3.4.G1 Paycheck Basics Take Charge Today Introductory Level.

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

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

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

Understanding your Paycheck

2. Display slide 2 with Procedure step 2 in the lesson.

Key Ideas Employment provides a means of creating personal income

Presented by: Insert Name(s)

Getting Paid Advanced Level.

Aim: How can we understand how gross income becomes net income by analyzing our paycheck deductions? Do Now: Name and describe the three ways an employer.

Understanding Your Paycheck and Tax Forms

Getting Paid Advanced Level.

Taxes for Teens for Mrs Miller’s Seniors

Take Charge Today Introductory Level Paycheck Basics.

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

Getting Paid Advanced Level.

Paycheck Basics.

Double the Salary An employee starting a new job has the option to choose how he is paid for the first twenty days of work. He works five days a week,

Getting Paid Advanced Level.

Double the Salary An employee starting a new job has the option to choose how he is paid for the first twenty days of work. He works five days a week,

Take Charge Today Introductory Level Paycheck Basics.

Taxes for Teens for Mrs Miller’s Seniors

What do you feel is the best part of beginning a new job?

Presented by: Insert Name(s)

Getting Paid Advanced Level.

Warmup Using the schedule, calculate the amount of tax owed as well as the percentage of income the tax represents $264,300 $57,235.

Ms. Alltucker Accounting II

Welcome! Paychecks Money Taxes Workshop designed with you in mind!

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Understanding Your Paycheck Essentials

Presented by: Insert Name(s)

Payroll Management 12-3.

JOURNALIZING PAYMENT OF A PAYROLL

LESSON 12-4 Preparing Payroll Checks

Getting Paid Advanced Level.

Getting Paid Advanced Level.

The truth about your paycheck Gross vs Net Pay

Computing Deductions on Your Paycheck

Pay Yourself First (PYF) – page 31

Human Capital (Voc) Refers to the amount of education and skills a person has (what makes you employable) Do you have the human capital to get the job.

Payroll taxes and Paychecks Take Charge of your Finances

Take Charge Today Introductory Level Paycheck Basics.

Earning & Spending Money

Take Charge Today Introductory Level Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

Income – The payment people receive for providing resources in the market. Wages – The income for providing human resources (labor).

Take Charge Today Introductory Level Paycheck Basics.

Double the Salary An employee starting a new job has the option to choose how he is paid for the first twenty days of work. He works five days a week,

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Payroll Accounting $ $ $ $ Making Accounting Relevant Chapter 12

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Getting Paid Personal Finance.

Getting Paid Advanced Level.

Getting Paid Advanced Level.

Presented By: Insert Name(s)

Take Charge Today Introductory Level Paycheck Basics.

Presentation transcript:

Warm-up: Payroll Exemptions Let’s look at a W-4 together

Paycheck Gross wage/pay—the total amount of money you take in before taxes

Paycheck Net wage/pay—the amount of money you take in after taxes

What gets taken out of your paycheck? Mandatory Taxes (federal, state, local)

What gets taken out of your paycheck? Social Security and Medicare (FICA) Money to old people

What gets taken out of your paycheck? Court mandated deductions Child support, etc.

What gets taken out of your paycheck? Optional deductions Automatic savings Insurance (Life, health)

What gets taken out of your paycheck? Optional deductions Contributions to 401(k) plans—you put money in the 401(k) now and cannot use it until retirement; you are not taxed on it until later

Payroll Exemptions The more exemptions you take, the higher your net pay each paycheck You will owe more money when you do your taxes (due April 15)

Payday Loans Short-term loans that give you money now, but charge you a very high interest rate Very, very, very expensive

Deposit Advance Loans Called Checking Account Advance Allow bank checking account holders to get an expensive short-term advance

Reading a Pay Stub