1. Paycheck Vocabulary

2. November 5, 2015
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.

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

4. 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.

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

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

8. 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

9. Social Security

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

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

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

13. Local
If county or city has one
Example: Chicago

14. YTD
Year to Date
Total gross earnings starting January first

15. Gross
Total amount you make before taxes are taken out

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

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

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

19. Pay Period Example Rate: $ per hour $9 Units: # of hours worked 50
Gross pay: $450

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

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

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

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