Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from.

Slides:

Advertisements

Similar presentations

Income Tax Withholding Section 6.4. Employee’s Withholding Allowance Certificate (IRS W-4 form) Form on which employee states marital status and number.

Advertisements

Calculating Sales and Income Tax

Income and Education Adults with advanced degrees earn four times more than high school dropouts. Adults with a master’s, professional or doctoral degree.

Prepared by Charlie Cook The University of West Alabama © 2009 South-Western, a part of Cengage Learning Payroll Records: Assignments Chapter 10.

Tax Vocabulary. Gross Pay The amount of money you earn each pay period.

Payroll Accounting, Taxes, and Reports

Calculating Payroll Taxes By Adote Akue. Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income.

Business Math Assignment Press F5 to begin to playing this slide show.

Understanding Timecards, Taxes and Paychecks Why do we need to keep a record of hours worked? To be paid for hours worked Employers keep detailed records.

PAYCHECKS, PAY PERIODS, TYPES OF PAY. Pay Periods In order to understand your paycheck, you need to understand pay periods. How often you get paid.

Quiz Show Financial Literacy Chapter 2 Quiz Review

LESSON 12-2 Determining Payroll Tax Withholding

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

JEOPARDY TermsSalary, Overtime & Commission Take-Home Pay Benefits & Expenses RandomsDeductions $100 $200 $300 $400 $500 Let’s play! ***

2.1 Deductions from the Gross Pay

Unit 03: Financial Literacy Vocabulary. Available Balance The amount available in an account for a person, business, or organization to spend. How much.

Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.

#1. Calculating Gross Income Dan works part time at Shopko Dan worked 32 hours this week Dan makes $9.75/hour How much was Dan’s Gross Income?

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income tax – A tax that is.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

DETERMINING PAYROLL TAX WITHHOLDING. PAYROLL TAXES  Based on employee’s total earnings  Employee Income Tax  FICA Taxes  Social Security Tax  Medicare.

Salary vs. Hourly Wage What is a Salary? What is an Hourly Wage? Is it the same in all states?

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.1Slide 1 2.1Deductions from Gross Pay Find federal withholding tax deductions Calculate social security.

Part 1: Earning Statements. Working and Earning Earning Statements Key Ideas Employee earning statements include information about………………. gross wages,

LESSON 12-1 Preparing Payroll Time Cards

Preparing Payroll Records

The Taxes You Pay. 1. Payroll Taxes -taxes based on the payroll of a business upon employee total earnings Paid to the govt. by you and your employer.

$$$.  How much a person earns is usually expressed as an annual amount. For example, $ annually  Annual = 1 year = 12 months = 52 weeks  However,

On Your Own Occupation and Taxes. Hired? W-4 Form Provides information about your financial situation The W-4 Form tells your employer how much money.

Earning Potential Amount of money you can receive based on: Amount of money you can receive based on: Level of education Level of education Career path.

Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.

CALCULATING NET MONTHLY INCOME. STEPS TO CALCULATING NET MONTHLY INCOME Step 1: Pay Rate X Hours Worked = Gross Weekly Income Step 2: Gross Weekly Income.

Understanding Paychecks Where Does Your Money Go?.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

Understanding Your Paystub. Deductions Anything subtracted from the pay you earned Types – Federal taxes – State taxes – Local taxes (county) – Social.

UNDERSTANDING YOUR PAYCHECK

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

Unit 2 Lesson 2 Notes 1 Paystubs Where is my money?

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

Paychecks: Using Your Money Wisely Chapter 2. Calculating Earnings  Wage- is a dollar amount per hour that you get paid for doing work  Gross Pay- total.

Business and Marketing Accounting and Finance Unit VOCABULARY.

In your notebook…  Imagine you have taken a job at the mall earning $9.00 per hour. Over the course of two weeks you work a total of 20 hours. Estimate.

Tax Unit Study Guide for YTP 12 Semester 2 Final Exam.

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

PAYROLL ACCOUNTING Chapter 12. Using a Payroll System  Payroll – list of the employees and the payments due to each for a pay period  Pay Period – the.

Taxes and Your Paycheck Career and Financial Management 2.

Taxes Gov’tForms Deductions.

7 - 1 © 2004 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 9e by Slater Payroll Concepts and Procedures Chapter 7.

Prepared by Johnny Howard © 2015 South-Western, a part of Cengage Learning.

GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.

Understanding My Paycheck: The Basics TRiO Student Support Services Financial Literacy Spring 2016.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.

Processing Payroll Review. Lesson 12-1 Calculate regular hours. 1 1 Calculate overtime hours. 2 2 Calculate total hours. 3 3.

Key Ideas Employment provides a means of creating personal income

Understanding Pay, Benefits, and Incentives

LESSON 12-1 Preparing Payroll Time Cards

TAXES Notebook page 30.

© 2015 Cengage Learning. All Rights Reserved.

Personal Financial Literacy

LESSON 12-4 Preparing Payroll Checks

Earning & Spending Money

Payroll Accounting $ $ $ $ Making Accounting Relevant Chapter 12

Chapter 14.2 Federal Taxes How do we pay individual income taxes?

Presentation transcript:

Sales and Income Tax

Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from a job Income tax – A tax that is paid to the government based on a percentage of wages earned. Gross pay – Amount earned from a job Net pay – Amount paid to employee minus any taxes or deductions from income. Not in Notes Vocabulary

Find the total cost of a laptop that cost $659 with a sales tax of 6.25%. EX1) $659 X 6.25%. 659 X sales tax $ Total cost

Figure the net pay for the following pay stub. Mary makes $12.00 an hour and works a 40 hour week. Use the percentage rates provided for each. EX2) Mary Ann Marshall Gross pay Medicare (1.4%) Social Security (4.2%) Federal Withholding (15%) Net Pay 40 X X X X taxes381.12

Essential Question What is income tax?