1. The truth about your paycheck Gross vs Net Pay

2. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622) Social Security 6.2% (up to $6,622) Medicare 1.45% (up to $500) Medicare 1.45% (up to $500) State 3.07% State 3.07% Local 1% Local 1% Unemployment.06% Unemployment.06% Disability (not in PA) Disability (not in PA)

3. Deductions Union Dues Union Dues Health Insurance Health Insurance Personal disability Personal disability Savings Plans Savings Plans Purchase vacation time Purchase vacation time

4. How do you figure it? You work 30 hours at $7.25/hour. You work 30 hours at $7.25/hour. You earn: $217.50 You earn: $217.50 Subtract Subtract – Federal tax: $217.50 x 15% = 32.63 184.87 – Social Sec: $217.50 x 6.2% = 13.49 171.38 – Medicare: $217.50 x 1.45% = 3.15 168.23 – State tax: $217.50 x 3.07% = 6.68 161.55 – Local taxes: $217.50 x 1% = 2.18 159.37

5. How do you figure it? You work 40 hours at $15/hour. You work 40 hours at $15/hour. You earn: $600 You earn: $600 Subtract Subtract – Federal tax: $600 x 15% = 90.00 510.00 – Social Sec: $600 x 6.2% = 37.20 472.80 – Medicare: $600 x 1.45% = 8.70 464.10 – State tax: $600 x 3.07% = 18.42 445.68 – Local taxes: $600 x 1% = 6.00 439.68

6. Deductions Earnings $ 439.68 Earnings $ 439.68 Union Dues $20/week 419.68 Union Dues $20/week 419.68 Health Insurance $50/week 369.68 Health Insurance $50/week 369.68 So, starting with $600 a week, your actual take home, or net pay, after taxes but before savings, is $369.68. That’s 62%. So, starting with $600 a week, your actual take home, or net pay, after taxes but before savings, is $369.68. That’s 62%.