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Paychecks & Labor Laws. Financial Planning EarningSavingsSpendingInvesting Tax Planning Retirement Planning Estate Planning.

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Presentation on theme: "Paychecks & Labor Laws. Financial Planning EarningSavingsSpendingInvesting Tax Planning Retirement Planning Estate Planning."— Presentation transcript:

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$1, FEDERAL TAX$ STATE TAX$ FICA TAX$ HEALTH INSURANCE$ FLEX MEDICAL$25.00 FLEX CHILD$ LIFE INSURANCE$ (K)$ GROSS PAY$2,087.14

9  Minimum Wage  minimum-wage.aspx 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  erd_9212_p.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?


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