1. I am so happy to have you all in class today 
Wednesday, October 4, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

2. Independent Living Rustemeyer
Payroll Taxes

3. Gross Pay vs Net Pay
Explain why someone earns $100 for work, but receives check for less than $100?
Gross Pay:
Gross pay is the amount of money you earn before taxes
Net Pay:
Net pay is the amount of money you are owed after taxes are withdrawn
(Gross Pay - Other Withholdings) - Taxes = Net Pay
***Other Withholdings will always be deducted before taxes***

4. Using Payroll Taxes Social Security Tax includes:
Tax Type
Tax Rate
Social Security (FICA)
6.20%
Medicare
1.45%
Total Payroll Taxes
7.65%
Social Security Tax includes:
Retirement benefits
Benefits for dependents
Benefits for disabled and parents
AKA: Federal Insurance Contributions Act (FICA)

5. Using Payroll Taxes Medicare Taxes includes:
Tax Type
Tax Rate
Social Security (FICA)
6.20%
Medicare
1.45%
Total Payroll Taxes
7.65%
Medicare Taxes includes:
Provides benefits for certain individuals when they reach age 65

6. Example: An Employee earns $1,000 in a pay period.
Using the tax table, what are the payroll taxes?
FICA = $62.00
Medicare = $14.50
How much is the employee’s Net Pay?
1,000 – = $923.50
Tax Type
Tax Rate
Social Security (FICA)
6.20%
Medicare
1.45%
Total Payroll Taxes
7.65%

7. Income Tax Employers calculate income tax for you
Use W-4 forms
Income tax depends on multiple things
What state you live in
Income bracket you fall in

8. Example: A single employee earns $4,000 in a pay period.
Using the tax tables, what are the taxes being paid?
FICA = $248
Medicare = $58
Federal Income Tax= $400
How much is the employee’s Net Pay?
$4,000-$706= $3,294
Tax Type
Tax Rate
Social Security (FICA)
6.20%
Medicare
1.45%
Total Payroll Taxes
7.65%

9. Income Tax Provides: Income taxes help pay for:
National defense, vets, and foreign affairs
Social Programs
Physical, human, and community development
Law enforcement
Interest on national debt

10. Video Explanation

11. Task Complete the assignment numbers 1-10
On all math problems, YOU MUST SHOW ALL WORK
Due tomorrow beginning of class!

12. I am so happy to have you all in class today 
Monday, October 9, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

13. Review:
A Georgia woman earns $9,000 per pay period. Georgia’s state income tax is 6.6%. She also has to pay a federal income tax rate of 10%. She has asked her employer to withhold $300 from her gross pay. Using this information, and the FICA and Medicare tax percentages, calculate her amount of net pay.

14. Purpose of the W-4
Used by your employer to withhold the proper amount of federal income tax from your paycheck
Employees fill out W-4 and the employer calculates the amount of withholdings from there.

15. Parts to the W-4 Personal Allowances Worksheet “Allowances” means:
Employee claimed exemptions that don’t have to be subtracted from your paycheck
The more allowances you claim, the less you pay in income tax

16. Parts to the W-4 W-4 Form itself:
Information on you and your allowances will be listed here.

17. Scenario 1:
Lance Cole is a store manager at Buckle in Bellevue Square and this is the only job Lance has at this point. Lance is single and has no children. He is a United States Citizen and is a recent college graduate. Lance’s Social Security Number is and his address is 804 NE 6th PL, Kirkland, WA He is asking his employer to withhold an extra $75 for retirement.
Fill out the W-4 form with the appropriate information in regards to Lance’s situation as listed above.

18. I am so happy to have you all in class today 
Tuesday, October 10, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

19. Purpose of W-2 Only filled out by the employer
Reports wages and salary information for employees
Reports the amount of federal, state, and other taxes withheld from paycheck
Only seen by the employee when preparing their tax return
Serves as a summary of the payroll amount and taxes that were paid to the employee in the applicable tax year.

20. Involved Math: Taxable Income: Social Security & Medicare Wages:
(Gross Pay – 401 (k) deductions) x number of pay periods per year = Taxable Income
Social Security & Medicare Wages:
Gross Pay x number of pay periods per year = TOTAL FICA
TOTAL FICA x 6.2% = Social Security Taxes
TOTAL FICA x 1.45% = Medicare Taxes

21. I am so happy to have you all in class today 
Wednesday, October 11, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

22. PSAT Day- 15 minute periods

23. I am so happy to have you all in class today 
Thursday, October 12, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

24. Objectives: Complete the W-2 and W-4 handouts
Turn into sub Friday morning

25. I am so happy to have you all in class today 
Friday, October 13, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

26. Objectives: Read “Parson’s Letter to College Freshman”
Summarize the article, describing if you think he is being articulate or arrogant.
Use 7 quotes from the text to defend your position
Due Monday!

27. I am so happy to have you all in class today 
Monday, October 16, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

28. Objectives:
Review W-2 and W-4 handouts from Friday

29. I am so happy to have you all in class today 
Tuesday, October 17, 2017
Welcome!
I am so happy to have you all in class today 
Do Now:
Make sure your cell phones are on silent and off to the side.
Please be sure to have something to write with and something to write on out and ready on your desks.
Be seated before the bell rings.

30. Objectives:
Payroll Unit Review