NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Budget.

NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Budget

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Developing a Budget _________ a _______ will help you ____ ______over your _____ and ______ so that you will be able to ____ _______.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Fixed Expenses VS. Variable Expenses ________________the same amount each month. Examples: Rent, car payment, mortgage payment, real estate taxes, and insurance premiums. ____________ are items that you can change the amount on. Examples: food, electricity, and gasoline.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Creating a Budget To be successful at creating and following a _____ you must have the ability to ____ your ______ to the money you have ____________.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona BUDGET VARIANCE Budget Variance is the difference between the amount of money _________ for items and ______ ________ of ______ _______for those items.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Adjusting Your Budget It is important to learn to _______ your ______ if you are running ______ on paying your bills.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Disposable Income _________ Income is your _______ minus ______ your ______.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Discretionary Income The income left over after paying _____, fixed ______ and other essential living expenses is call ___________ income. Discretionary Income is used for ____ such as additional savings and investments, vacations, entertainment, and special purchases.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona POWER OF _____________ _____ of Persuasion in _________ ______. Many ads and commercials have strong powers to ________ us to ___ particular products or services. Don’t let a commercial persuade you to purchase items you don’t need!

NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Getting Paid

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Period Is the ________ of days for which an employee gets paid.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What are the two primary sources of employment? What sources of employment do your family members have?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Salary vs. Hourly Would you rather be paid a salary or hourly wage?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Self Employed If you are self employed OR your employer does not pay your payroll taxes, you must pay your ________ and _________ taxes.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What methods do employers use to pay employees?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Paper Paycheck and Direct Deposit

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Direct Deposit Is the most ________ method for an employer to pay employees. With direct deposit, a company must give each employee a statement that includes ____ ___, _____ and ____ of __________, and ___ ___.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Payroll Card What method of payment would be best for you?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Payroll deductions MandatoryOptional

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What are the five main types of taxes? Withheld from wages

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Why are income and payroll taxes deducted from wages? Helps manage ___ _________on an ongoing basis (total tax bill) Beginning of year End of year – total tax liability due

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Gross Pay A term that best describes your gross pay after taxes are deducted is ________________.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Calculating Gross Pay Pay per Hour times Hours Worked = Gross Pay $7.25 per hour times 40 hours = $290.00 You get Paid every 2 weeks: $290 X 2 = $580

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What are the mandatory income and payroll tax deductions?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Federal Income Tax Largest required deduction How do you benefit from paying federal income taxes?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What is a Form W-4? Determines the percentage pay that will be deducted for federal income taxes

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona W-4 W-4 Form is used to notify your employer of how many __________/_________ you want __________ from your __________.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Form W-4 Allowances

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Allowances Individuals may change their Form W-4 at any time

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona State Income Tax Does your state have state income tax?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What is Social Security? Income for: o _________ o People with profound __________ o Children who have lost a ________ o A person with children who has experienced the ______ of a spouse ______ Up to an annual maximum Paid by each worker and ______ by employer

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 32 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What is Medicare? Helps pay for ______ care for individuals ___ and older _______ No limit Paid by each worker and ________ by each employer

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Calculating Net Pay/Take Home Pay Gross Pay – Deductions = Net Pay $580 (Gross Pay) - $ (________ Income Tax) - $ (_______ Income Tax) - $ (______________ Tax _____% X 580) - $ (__________ Tax _____% X 580) EQUALS $ (Net Pay/Take Home Pay) DEDUCTIONS

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 34 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What are optional payroll deductions? Employee will typically pay much less than privately purchasing that same benefit.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 35 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona CHOOSING A JOB When deciding between two job offers with similar salary offers, you should consider other (fringe) ______ ________ such as ______, ______ plans, ______ hours, __________ of education ______, merchandise __________!

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 36 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona How Employers Further Support Employees Both required at no cost to the employee

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 37 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona How Employers Further Support Employees

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 38 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What is a pay stub? Pay stub - outlines the _______ made to wages Why is it important to review your __________? Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 39 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Stub Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 40 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Stub Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005 Why is the pay period different than the pay date?

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 41 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Stub _____________ _______________ CurrentYear-to-date (YTD) Amount this _____ period Amount from _______ 1 to last day of _______ pay period Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 43 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Stub What are examples of deductions? Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 44 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Pay Stub What contributions are included? Employee InformationPay Date: 6/11/2013 Name Identification Number AddressPay Rate Pay Period Joe Beakens00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current$2,400.00$747.00$1,653.00 YTD$12,000.00$3,735.00$8,265.00 Earnings TypeRateHoursCurrentYTD Regular$15.00160$2,400.00$12,000.00 Overtime0000 Deductions TypePersonal DeductionEmployer Contribution Federal income tax$249.400 State income tax $100.000 Social Security and Medicare$183.60 Retirement plan$144.00 Health insurance$100.00$400.00 Workers’ compensation0$13.80 Unemployment insurance0$6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal10150510 Sick55005

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 46 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Employee _______ examples Gym membership Flexible hours Repayment of education loans Merchandise discounts Childcare 401(k)

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 47 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 401(k) A 401(k) is a ____________plan sponsored by an employer. It lets workers save and invest a piece of their __________ before taxes are taken out. Employers may match __________ contributions. Taxes aren’t paid until the money is ________ from the account.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 48 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Traditional IRA Allows an ________ to set up to $5,500 aside from your paycheck for _________. Example: Annual income of ______and you contribute ______to a Traditional____, your taxable income is __________. Individual Retirement Account

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 49 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Can an employer pay employees cash? Ensure employer is deducting income and payroll taxes from wages paid in cash Consult a tax professional to determine if you should pay taxes on cash earned.

2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 50 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Summary

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NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Budget.

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Presentation on theme: "NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Budget."— Presentation transcript:

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