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Published byWilfred Wood Modified over 9 years ago
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Keeping Your Job and Employee Pay Benefits
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Becoming Employed
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W-4 Form Employee’s Withholding Allowance Certificate –Determines the amount of money your employer will deduct from your check for income taxes –Must declare allowances or persons claimed The more claimed—less taxes are taken from check
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Social Security Your personal identification number –Be careful to whom you give it to As a tax –Both employee and employer contribute –The amount contributed throughout lifetime will be returned at retirement.
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W-2 Form Wage and Tax Statement –S–S–S–Shows income earned during the year and all withheld amounts –E–E–E–Employer must provide copy to employee by January 31 –U–U–U–Used to figure income taxes
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Employment Laws
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Social Security Act Enacted to provide federal aid for elderly and disabled. FICA = Social Security Tax FYI…. in 2010, 54 million people were receiving Social Security benefits, while 157 million people were paying into the fund; of those receiving benefits, 44 million were receiving retirement benefits and 10 million disability benefits
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Unemployment Compensation Provides benefits to workers who lose their jobs though no fault of their own. Have to be actively looking for a job Can receive compensation for 26 consecutive weeks.
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Fair Labor Standards Act Aka Wage and Hour Act 1938 Established minimum wage Federal Minimum wage – State Minimum wage - FYI…. In 1966, the minimum wage was $1.60.
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Gross Pay Total or agreed upon rate of pay before deductions
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Hourly Wages When employee is paid for every hour worked
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Overtime Full time hourly workers cannot work over 40 hours a week without being paid overtime –Overtime rate is normally 1 1/2 times regular rate of pay
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Monthly Salary Paid set amount per month Doesn’t matter how many hours worked No overtime paid unless agreed upon
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Annual Pay Set pay for year divided into equal amounts Overtime usually not paid
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Pay Periods Monthly – once a month –12 pay periods Biweekly – every two weeks –26 pay periods Semimonthly – two times a month –24 pay periods Weekly – every week –52 pay periods Which is best???
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Deductions Subtracted from gross pay Examples of required deductions –Social security tax –Federal and state income tax Examples of optional deductions –Insurance--Retirement –Savings accounts--loan payments –Charity
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Net Pay Also known as Take Home Pay Gross pay minus deductions
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Employee Withholding Sheet Required by law that explanation of pay computations be provided with each paycheck. ie..check stub
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Benefits and Incentives Insurance Profit sharing Paid vacations Paid holidays Sick pay Bonuses Savings plans Travel expenses Employee Services –Discounts –Rec programs –Tuition reimbursement –Free parking
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Family Medical Leave Act 1993 Employers with 50 or more employees must give up to 12 weeks unpaid leave per year for: –Birth or adoption –Care for spouse, parent, child with illness –Own illness
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Labor Unions Main function is to recruit new members Not as strong as they have been in the past
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Collective Bargaining Process of negotiating terms of employment for union members
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Strike When union members refuse to work until agreement is reached
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Professional Organization Associations for professionals that establish professional standards Conferences offered Keep members up to date
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