1. Paycheck Vocabulary

2. April 12, 2016  Entry task: Write down as many money saving strategies that you can think of (list at least five)  Target: Identify paycheck terminology and where your money goes.

5. Jobs!  Have you ever had a job before? If so, how did you get paid?

6. Tip of the Day! Place a value on money. It doesn’t buy happiness, but it can certainly make you comfortable. Just understand what it’s worth.

7. Guess what?  IT’S PAYDAY!!  Well not really.

8. In your envelope you should have…  $3,386.00

10. FICA  Federal Insurance Contribution Act  Employees contribute 6.2% of wages to Social Security Fund.  You receive monthly social security checks based on your contribution when you reach retirement age

11. Social Security   the average Social Security benefit was $1,180.80 per month. The maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366. But to get this amount, the worker would need to earn the maximum taxable amount, currently $106,800, each year after age 21.

12. Social Security

13. Medicare  Funds country’s health care for elderly  1.4% of pay

14. FIT  Federal Income Tax  Goes to Federal Government  Based on marital status and deductions you supply

15. SIT  State Income Tax  Same as federal only collected by the state  Washington has none

16. Local  If county or city has one  Example: Chicago

17. YTD  Year to Date  Total gross earnings starting January first

18. Gross  Total amount you make before taxes are taken out

19. Net  Total amount left after all taxes and deductions have been paid  Amount your check is made out for  Also called “take home” pay

20. Pay Rate  Hourly wage listed on paycheck  How much you get paid per hour

21. Pay Period  Work days you are paid for  Can be monthly, bi-monthly (2 week period), every 2 weeks, or weekly

22. Pay Period Example  Rate: $ per hour $9  Units: # of hours worked50  Gross pay:$450

23. Other Employee Benefits  Cost employer between 33% and 50% of pay  Paid vacation  Paid sick days  Health/dental/eyecare insurance  Life insurance  Disability insurance

24. Other Employee Benefits  Retirement benefits  Tax deferred retirement plan  Parental leave  Stock purchase plan  Fitness program  Discounts

25. Social Security  Major source of income for most senior citizens  Image here

27. Social Security  More than a retirement plan  15% for survivor beneficiaries  15% for disability beneficiaries  70% for retirement beneficiaries