1. Figuring Your Paycheck Life Choices _____

2. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know how to _____. –You will know how much _____ on pay day, plus you can look out for _____.

3. Gross Pay Amount of your _____ any deductions are made. Can be figured by _____ the number of hours worked by the amount you are _____. –Example: 40 hours X 7.75 = $310 Gross Pay

4. Complete this problem: This week you worked 22 hours. You are paid $6.55 per hour. What is your gross pay? Answer: ???? – 22 hours X $6.55 = ______

5. Complete this problem: This week you worked 39 hours. You are paid $7.36 per hour. What is your gross pay? Answer: ???? – 39 hours X $7.36 = ______

6. Overtime Pay The amount you are paid for working _____. Usually overtime pay is based on your _____ per hour plus an additional _____ of your wage per hour. –Multiply your wage X _____ to get your overtime hourly rate –Multiply your overtime _____ X overtime _____

7. Overtime Example You worked 7 overtime hours. Your regular wage is $6.40. To figure your overtime pay: –$6.40 X 1.5 = $9.60 (your _____) –$9.60 (overtime hourly rate) X 7 (number of _____) = $67.20 (your _____ for this week is $67.20)

8. Complete this problem: This week you worked 40 regular hours and 5 overtime hours. Your regular wage is $7.30 per hour what is your overtime pay and your total gross pay. Regular Pay – 40 hours X $7.30 = $______ Overtime Pay – $7.30 X 1.5 = _____ X 5 hours = $_____ Gross Pay –Regular Pay $_____ + Overtime Pay $_____ = $_____

9. Complete this problem: This week you worked 37 ½ regular hours and 12 overtime hours. Your regular wage is $8.30 per hour what is your overtime pay and your total gross pay. Regular Pay – 37 ½ hours X $8.30 = $______ Overtime Pay – $8.30 X 1.5 = _____ X 12 hours = $_____ Gross Pay –Regular Pay $_____ + Overtime Pay $_____ = $_____

10. Net Pay The amount of your paycheck _____ are made; it is your _____ pay. Some deductions are _____ to be automatically taken out of your pay: _____ tax, Social _____, _____, and any _____ taxes required in your location. Other deductions may include: _____, union dues, credit union, savings clubs and _____.

11. Figuring Net Pay Add all of your _____ Subtract the _____ of your deductions from your _____ pay. Example: your gross pay is $320. You have these deductions: Federal income tax $36.83, Social Security $19.84, Medicare $4.64, State Tax $16.61, and Health Insurance $65 –$36.83 + $19.84 + $4.64 + $16.61 + $65 = $142.92 –$320 (Gross Pay) - $142.92 (Total Deductions) = $177.08 (Your net pay is $177.08)

12. Complete this problem: Your Gross Pay was $281.00 You had these deductions: Federal Income Tax $32.34, Social Security $17.42, Medicare $4.07, State Tax $14.58, and Insurance $32. What is your net pay? Deductions: $32.34 + $17.42 + $4.07 + $14.58 + $32 = $_____ Gross Pay $281 - $_____(Deductions) = $_____ = Net Pay