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

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Presentation transcript:

Figuring Your Paycheck Life Choices _____

Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know how to _____. –You will know how much _____ on pay day, plus you can look out for _____.

Gross Pay Amount of your _____ any deductions are made. Can be figured by _____ the number of hours worked by the amount you are _____. –Example: 40 hours X 7.75 = $310 Gross Pay

Complete this problem: This week you worked 22 hours. You are paid $6.55 per hour. What is your gross pay? Answer: ???? – 22 hours X $6.55 = ______

Complete this problem: This week you worked 39 hours. You are paid $7.36 per hour. What is your gross pay? Answer: ???? – 39 hours X $7.36 = ______

Overtime Pay The amount you are paid for working _____. Usually overtime pay is based on your _____ per hour plus an additional _____ of your wage per hour. –Multiply your wage X _____ to get your overtime hourly rate –Multiply your overtime _____ X overtime _____

Overtime Example You worked 7 overtime hours. Your regular wage is $6.40. To figure your overtime pay: –$6.40 X 1.5 = $9.60 (your _____) –$9.60 (overtime hourly rate) X 7 (number of _____) = $67.20 (your _____ for this week is $67.20)

Complete this problem: This week you worked 40 regular hours and 5 overtime hours. Your regular wage is $7.30 per hour what is your overtime pay and your total gross pay. Regular Pay – 40 hours X $7.30 = $______ Overtime Pay – $7.30 X 1.5 = _____ X 5 hours = $_____ Gross Pay –Regular Pay $_____ + Overtime Pay $_____ = $_____

Complete this problem: This week you worked 37 ½ regular hours and 12 overtime hours. Your regular wage is $8.30 per hour what is your overtime pay and your total gross pay. Regular Pay – 37 ½ hours X $8.30 = $______ Overtime Pay – $8.30 X 1.5 = _____ X 12 hours = $_____ Gross Pay –Regular Pay $_____ + Overtime Pay $_____ = $_____

Net Pay The amount of your paycheck _____ are made; it is your _____ pay. Some deductions are _____ to be automatically taken out of your pay: _____ tax, Social _____, _____, and any _____ taxes required in your location. Other deductions may include: _____, union dues, credit union, savings clubs and _____.

Figuring Net Pay Add all of your _____ Subtract the _____ of your deductions from your _____ pay. Example: your gross pay is $320. You have these deductions: Federal income tax $36.83, Social Security $19.84, Medicare $4.64, State Tax $16.61, and Health Insurance $65 –$ $ $ $ $65 = $ –$320 (Gross Pay) - $ (Total Deductions) = $ (Your net pay is $177.08)

Complete this problem: Your Gross Pay was $ You had these deductions: Federal Income Tax $32.34, Social Security $17.42, Medicare $4.07, State Tax $14.58, and Insurance $32. What is your net pay? Deductions: $ $ $ $ $32 = $_____ Gross Pay $281 - $_____(Deductions) = $_____ = Net Pay