Financial Literacy Career Management. Your Paycheck Payroll and Taxes Deductions.

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Presentation transcript:

Financial Literacy Career Management

Your Paycheck Payroll and Taxes Deductions

What do you know? 1)_______ is the total amount of person’s or company’s income before any taxes and deductions are taken out. 2)______ is the sum of all financial records of salaries, wages, bonuses, and deductions. 3)_____ is the amount of income received after taxes and deductions have been taken out.

What is a Payroll? A payroll is the sum of all financial records of salaries, wages, bonuses, and deductions The information from your employer’s payroll is used to generate your paycheck.

Paychecks Your paycheck may be a paper document or an electronic transfer known as a direct deposit. It is calculated on a document known as a play slip.

How is my paycheck calculated? Gross Income Less: Deductions Net Income Your pay slip sets forth a statement of your earnings:

What is Gross Income? The total amount of person’s or company’s income before any taxes and deductions are taken out.

What Taxes? Federal and State Incomes Taxes City/Local Income Taxes FICA: –Social Security –Medicare

What Deductions? Deductions include: Group Health Insurance Retirement/Pension contributions Charitable contributions Miscellaneous such as union dues

What is Net Income? The amount of income received after taxes and deductions have been taken out.

Equation Gross Income Less Taxes Less Deductions Equals Net Income

Understanding Check Lonnie Flanagan's weekly gross income is $1,250. Each week she has $64.37 in deductions, plus state tax of two percent of her gross pay, and Social Security and Medicare taxes of 7.65 percent of her income. What is her net income? A) $ B) $1, C) $1, D) $1,435.00

The Answer A) $ B) $1, C) $1, D) $1, 

What did you know? 1)Gross Income is the total amount of person’s or company’s income before any taxes and deductions are taken out. 2)Payroll is the sum of all financial records of salaries, wages, bonuses, and deductions. 3)Net Income is the amount of income received after taxes and deductions have been taken out.

Assignment Go to the following website and click on Lessons-Exam 2 for more information on taxes and deductions: 100/lessons.htm