Understanding Paychecks Where Does Your Money Go?.

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Paychecks and Tax Forms Take Charge of your Finances

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Presentation transcript:

Understanding Paychecks Where Does Your Money Go?

Pay Check Stub Check Stub -the part of a paycheck that lists deductions from your salary

Personal Information Personal Information: Name Social Security Number Address

Pay Period –The length of time for which an employee’s wages are calculated; most are weekly, bi-weekly, twice a month, or monthly –The last day of the pay period is not always payday to allow a business to accurately compute wages

Gross Pay –The total amount of an employee’s earnings BEFORE deductions are taken out This is calculated by multiplying the number of hours worked by the hourly rate $1,353.33

Net Pay –The amount of a paycheck AFTER all deductions are taken out (sometimes referred to as take home pay) $1,102.98

Deductions Deduction –The amount of money taken from an employee’s gross pay for taxes, insurance, social security, and other benefits

Required Deductions Federal Withholding: taxes taken for federal funding State Withholding: taxes taken for taxes for state funding Social Security: retirement/disability benefits Medicare: health care program for elderly/disabled Income Tax: the part of earnings that people must legally give to the government to pay for government services

Optional Deductions (Medical) Insurance: Can get insurance through employer 401K: Personal retirement

Current vs. Year to Date Current: the amount paid for each deduction THIS pay period Year-to-Date: the amount paid for each deduction so far THIS YEAR $ $1,502.10

Pay Check Math GROSS PAY: $1, TOTAL DEDUCATIONS: $ NET PAY: $1,282.98