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7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials.

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Presentation on theme: "7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials."— Presentation transcript:

1 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Trivia Employment Forms Payment Methods Paycheck Stub Payroll Withholdings $100 $200 $300 $400 Final Trivia

2 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Answer: Compulsory charges imposed on citizens by local, state, and federal governments. Employment Forms - $100

3 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Question: What are taxes? Employment Forms - $100

4 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $200 Answer: Form that assists in determining the amount of federal taxes withheld from an employee’s paycheck.

5 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $200 Question: What is Form W-4?

6 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $300 Answer: Form that verifies the employment eligibility of potential employees

7 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $300 Question: What is the Form I-9?

8 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $400 Answer: One example of documentation required to complete the Form I-9.

9 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Employment Forms - $400 Question: What is a driver’s license, birth certificate, passport, Social Security card, U.S. Military card?

10 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method - $100 Answer: Employee’s paycheck is deposited into an authorized depository institution account.

11 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method - $100 Question: What is direct deposit?

12 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Answer: The most common method of paying employees. Payment Method - $200

13 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Question: What is a paycheck? Payment Method - $200

14 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Answer: The most secure way to pay employees. Payment Method - $300

15 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method - $300 Question: What is direct deposit?

16 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method -$400 Answer: Payment electronically loaded onto a plastic card.

17 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method - $400 Question: What is a payroll card?

18 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $100 Answer: Length of time for which an employee’s wages are calculated.

19 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $100 Question: What is a pay period?

20 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $200 Answer: The nation’s health care program for the elderly and the disabled.

21 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $200 Question: What is Medicare?

22 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $300 Answer: The amount of money an employee actually takes home.

23 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $300 Question: What is a net income?

24 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $400 Answer: The nation’s retirement program that helps provide retirement income for elderly and pays disability benefits.

25 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Paycheck Stub - $400 Question: What is Social Security?

26 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings -$100 Answer: One of the optional deductions withheld from an employee’s paycheck

27 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings -- $100 Question: What is a retirement plan or medical?

28 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings - $200 Answer: The largest percentage of paycheck deductions.

29 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings - $200 Question: What is federal withholding tax ?

30 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings - $300 Answer: The deduction that includes Social Security and Medicare tax.

31 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings - $300 Question: What is FICA?

32 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 32 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings - $400 Answer: The amount of taxes withheld to assist in funding government agencies in the state.

33 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payroll Withholdings $400 Question: What is State Withholding Tax?

34 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 34 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Final Trivia

35 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 35 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Final Trivia Answer: A person who relies on the taxpayer for financial support

36 7.13.2.G2 © Family Economics & Financial Education – October 2010– The Essentials to Take Charge of Your Finances – Understanding Your Paycheck Essentials – Slide 36 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Final Trivia Question: What is a dependent?


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