1. Paychecks & Labor Laws

2. Financial Planning EarningSavingsSpendingInvesting Tax Planning Retirement Planning Estate Planning

3.  Total amount earned before deductions are taken out  Gross pay earned different ways:  Salary  Set $ amount per year  Wages  Set $ amount per hour  Possibility of earning overtime  Commission  % of sales made  Tips  Combination

4.  Money taken out of your paycheck to pay other parties  Mandatory vs. Voluntary

5.  Federal Income Tax  State Income Tax  FICA Taxes  Social Security (6.2% on first $106,800) Social Security  Medicare (1.45%; no limit)

6.  Insurances  Medical (Health), Dental, Life, Disability  Investments (retirement accounts)  Union Dues  Flexible Spending Accounts  Charity  Others

7.  The amount of money you receive after all deductions are taken out

8. NET PAY$1,230.73 FEDERAL TAX$180.74 STATE TAX$107.05 FICA TAX$136.25 HEALTH INSURANCE$156.10 FLEX MEDICAL$25.00 FLEX CHILD$125.00 LIFE INSURANCE$1.04 401(K)$125.23 GROSS PAY$2,087.14

9.  Minimum Wage  http://www.laborlawcenter.com/t-federal- minimum-wage.aspx http://www.laborlawcenter.com/t-federal- minimum-wage.aspx  Federal: $7.25  State: $7.25  Minors: $7.25  Tipped Employees: $2.33  Agricultural Employees  Adult: $7.25  Minor: $7.25

10.  Hours and Times of Day Minors May Work in Wisconsin  www.dwd.state.wi.us/dwd/publications/erd/pdf/ erd_9212_p.pdf www.dwd.state.wi.us/dwd/publications/erd/pdf/ erd_9212_p.pdf

11.  Joe is 14. He plans to work as a bagger at County Market during the school year. What are some of the guidelines Joe’s employer must follow regarding hours and times he may work?