Lesson 13: Net Pay Consumer Math: p. 24-25. When employees receive their paychecks, they should know that the check does not include their full earnings,

Slides:

Advertisements

Similar presentations

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-3 Preparing Payroll Records.

Advertisements

Part 3: Reading a Paycheck Dollars and Sense Unit 2: Taxes and Paychecks.

Income and Education Adults with advanced degrees earn four times more than high school dropouts. Adults with a master’s, professional or doctoral degree.

Payroll Accounting, Taxes, and Reports

Lawns R Oklahoma State Department of Education.

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.

G1 © Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck Funded by a grant from.

 5.1 Taxes and Your Paycheck.  Payroll Tax  Income Tax  Federal Insurance Contribution Act (FICA)  Withholding  Gross Income  Net Income  Form.

Consumer Taxation. Learning Objectives  Identify the major types of consumer taxation.  Compute gross and net pay.  Complete personal income tax forms.

LESSON 12-2 Determining Payroll Tax Withholding

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.

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

2.1 Deductions from the Gross Pay

Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.

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

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

G1 © Family Economics & Financial Education – Revised September 2006 – Paychecks and Taxes Unit – Understanding Your Paycheck and Tax Forms Funded.

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

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

The Taxes You Pay. 1. Payroll Taxes -taxes based on the payroll of a business upon employee total earnings Paid to the govt. by you and your employer.

Earning Potential Amount of money you can receive based on: Amount of money you can receive based on: Level of education Level of education Career path.

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.

G1 © Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck Funded by a grant from.

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

Taxes. The Federal Government Dollar – Where it Comes From.

Understanding Paychecks Where Does Your Money Go?.

Chapter 12 Payroll Accounting

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

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

Independent Living October 12, 2015 Payroll Taxes.

Unit 2 Lesson 2 Notes 1 Paystubs Where is my money?

Lifestyle Costs Money management is the process of planning how to get the most from your money.

Take-Home Pay The deductions taken out of your paycheck help support schools, roads, national parks, and more. Why do you think you have to pay taxes?

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

HOW MUCH OF YOUR INCOME WILL YOU KEEP? TAXES. PAYROLL TAXES The federal government receives the largest part of its revenue from payroll taxes. Placed.

Paychecks: Using Your Money Wisely Chapter 2. Calculating Earnings  Wage- is a dollar amount per hour that you get paid for doing work  Gross Pay- total.

Jeopardy Q$100 Q$200 Q$300 Q$400 Q$500 Q$100 Q$200 Q$300 Q$400 Q$500 5 Q$100 Q$200 Q$300.

Taxes: Understanding Your Paycheck Economics 2015.

Tax Unit Study Guide for YTP 12 Semester 2 Final Exam.

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

Taxes and Your Paycheck Career and Financial Management 2.

Taxes Gov’tForms Deductions.

Tax Forms & Deductions. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are.

Why It’s Important Budgeting techniques help you keep track of where your money goes so that you can make it go further.

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

GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.

Paycheck Tax Deductions Lesson 3-1. What is the Definition of Tax? Compulsory charges imposed on citizens by local, state, and federal government.

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 – wages earned from.

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 5 LESSON 5.1 Taxes and Your Paycheck 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.

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

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

Understanding your Paycheck

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.

© 2014 Cengage Learning. All Rights Reserved.

Reporting Withholding And Payroll Taxes

PAYROLL REGISTER 1. Pay Period Date 8. Health Insurance

LESSON 12-3 Preparing Payroll Records

LESSON 12-4 Preparing Payroll Checks

© 2014 Cengage Learning. All Rights Reserved.

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

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-3 Preparing Payroll Records

PAYROLL REGISTER 1. Pay Period Date 8. Health Insurance

LESSON 12-3 Preparing Payroll Records

Presentation transcript:

Lesson 13: Net Pay Consumer Math: p

When employees receive their paychecks, they should know that the check does not include their full earnings, or gross pay. Some money is withheld, or deducted. Employers withhold deductions such as a federal income tax and social security payments. The worker may fill out forms to ask that other deductions be made, such as for health insurance. Take-home pay, or net pay, is the amount the worker receives after all deductions are subtracted from gross pay.

Exercise A 1.$ gross pay $96.80 federal tax $32.97 state tax $37.20 social security tax $8.70 Medicare $41.63 health insurance Total deductions $ $ $ $ $41.63 = $ Total Pay $600 - $ = $382.70