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Congratulations! You’re hired! Now what????.

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Presentation on theme: "Congratulations! You’re hired! Now what????."— Presentation transcript:

1 Congratulations! You’re hired! Now what????

2 Paper Work must be completed when you accept a new job.
The W-4 form must be filled out by all U.S. employees, so that the employer knows how much to withhold from the employee's paycheck for federal income taxes. The W-4 form includes: Marital Status Number of allowances Additional deduction amounts

3 The I-9 Form provides documentation that new hires are authorized to work in the U.S.
Be prepared to show valid picture identification: driver’s license passport green card AND your social security card

4 It’s time to pay the tax man!
You must pay your taxes in full by April 15th of every year

5 Gross Income The money you make before you pay taxes.
Ex: An experienced registered nurse makes an annual gross income of $62,450 a year ( But, you don’t get to keep all the money!

6 a percentage of your income is paid to the
Federal Taxes a percentage of your income is paid to the federal government To determine how much money you owe the federal government you must use the tax table

7 The 1040 EZ form is a document that most tax payers fill out and file with the government to determine if they owe the government or if the government owes them a refund. You must file a new tax form with the government annually!

8 FICA Translation: FICA is used to fund Social Security and Medicare
Federal Insurance Contribution Act FICA is used to fund Social Security and Medicare

9 PA’s income tax is 3.07%. STATE INCOME TAX
You must pay a portion of your income to the state in which you reside PA’s income tax is 3.07%.

10 Local Income Tax a percentage of your income is also paid to the municipality, city or township in which you reside. 1%

11 Taxes are paid! The money you take home after you’ve paid your taxes is called Net Income

12 Most people pay their taxes over the course of one calendar year.
Pay Stub Tutorial

13 By January 31st of every year, your employer must mail you your W-2 Forms.
The W-2 form provides you with an accounting of the taxes that have been with held from your paycheck over the course of the calendar year. You need the information on the W-2 form to determine is you owe the government money or if they owe you a refund.

14 If you owe the government money it is because you have not had enough money taken out of your pay check throughout the year. If you are getting a tax refund, it means you have OVERPAID the government this year.

15 What questions do you have?

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