1. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Daily Information Objectives: 1.List items that are included on a paycheck. 2.Identify employment forms. Warm Up: Take your annual salary from the career project and calculate what your bi-weekly amount would be. Agenda: 1.Warm Up 2.Project time 3.Pretest 4.Planet Paycheck PP 5.Student Notes 6.Review activity 9/23/14 (D,A,H) Example: 65,000/24 = $2708.33

2. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Daily Information Objectives: 1.List items that are included on a paycheck. 2.Identify employment forms. Warm Up: Why is it important to know what is listed on your paycheck stub? Agenda: 1.Warm Up 2.Planet Paycheck PP 3.Student Notes 4.Review activity 5.Student P.P. 9/24/14 (D,A,H)

3. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona An Earthlings Guide to Understanding Paychecks Planet Paycheck

4. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Planet Paycheck Navigation Welcome to Planet Paycheck! While visiting Planet Paycheck the vast world of paychecks will be explored!

5. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Where Does My Money Go? Imagine you have just started your first job! After the first week, you have earned $100. About how much money would you receive in your first paycheck?? –A) $100 –B) $84 –C) $70 –D) $55

6. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Where Does My Money Go? Almost 30% of an individual’s paycheck is deducted. Your net paycheck would be only about $70! How do you get from $100 all the way down to $70???? Might be worth taking a look, right?

7. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona First Job! Taxes – Required charges of citizens by local, state, and federal governments –deducted from all employees paychecks What are they used for? –Used to provide public goods and services Roads, police, schools, governmental agencies, fire and emergency services, social security, national parks, free vaccines –The largest amount of taxes a person pays is on his/her income.

8. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Starting a New Job To receive a paycheck, an employee must: Complete a Form W-4 Employee’s Withholding Allowance Certificate Determines the amount of money withheld for taxes

9. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Starting a New Job Complete a Form I-9 Used to prove the identity of people and avoid hiring non United States citizens Must provide at least 2 of the following: –passport –driver’s license –U.S. military card –Social Security card –birth certificate

10. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Starting A New Job Form W-2 (Wage and Tax Statement) States the amount of money earned and taxes paid throughout the previous year. Used to file income taxes by April 15 th Individuals may be exempt from filing federal withholdings if they make less than a certain amount per year

11. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Methods for Paying Employees 1.Paycheck Paper check with stub Least secure payment method because the employee is responsible for handling the paycheck 2. Direct Deposit Employers directly deposit employee’s paycheck into the authorized employee’s bank account 3.Payroll Card A payroll card electronically carries the balance of the employee’s net income

12. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Payment Method Pros and Cons Paycheck –Pros: Employee controls when the check is deposited –Cons: Least secure, employee responsible for getting it to the bank Direct Deposit –Pros: No direct handling of check Employee knows exactly when he/she will be paid Payroll card –Pros: Wages automatically loaded onto a card –Cons May charge fees for use of the card What method of payment would be best for you?

13. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Daily Information Objectives: 1.List items that are included on a paycheck. 2.Identify employment forms. Warm Up: What are the three ways in which you can be paid through your employer? Agenda: 1.Warm Up 2.Word Cloud 3.Planet Paycheck PP 4.Student Notes 5.Review activity 6.Student P.P. 9/24/14 (D,A,H)

14. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Reading A Paycheck Stub Items on a paycheck stub include: Personal Information -The employee’s full name, address, and social security number or employee identification number Pay Period -The length of time for which an employee’s wages are calculated –Most businesses pay employees either weekly, bi-weekly, or monthly

15. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Reading A Paycheck Stub Gross Income– The total amount of money earned before payroll withholdings If a person earns an hourly wage, gross income is calculated by multiplying the number of hours worked by the wage

16. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona What is the Gross Income? If Miss Patty Paycheck worked at Terrific Tacos for $6.00/hour for 15 hours a week what will her gross income be? What is Miss Patty Paycheck’s gross income for a two week pay period? 15 hours x $6.00/hr = $90.00/week # hours worked x wage = gross income 30 hours x $6.00/hr = $180.00 for 2 weeks

17. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Reading A Paycheck Stub Payroll Withholdings – The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck! –FICA-Federal Insurance Contribution Act Fed OASDI/EE (Federal Old Age Survivors Disability Insurance Employee Employment Tax) or Social Security - helps provide retirement income for the elderly and pays disability benefits Fed MED/EE (Federal Medicare Employee Employment Tax) or Medicare - health care program for the elderly and disabled

18. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Daily Information Objectives: 1.List items that are included on a paycheck. 2.Identify employment forms. Warm Up: Projects due today!! Print and turn in if you have not already done so. Agenda: 1.Warm Up 2.Pretest 3.Planet Paycheck P.P. cont. 4.Student Notes 5.Review activity 6.Student Presentations 9/23/14 (c)

19. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Reading A Paycheck Stub Net Income/Pay– The amount left after all payroll deductions have been taken from the gross income –Net pay is also referred to as “take home” pay

20. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Miss Patty Paycheck’s Paycheck Stub Miss Patty Paycheck’s paycheck includes: –Gross Income $180.00 –Payroll Withholdings: Federal Withholding Tax $14.10 State Withholding Tax $5.45 FICA $13.77 What is her Net Income? Gross Income– Payroll Withholdings = Net Income $180.00 – ($14.10 + $5.45 + $13.77) = $146.68

21. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Reading A Paycheck Stub Year-to-Date- Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub

22. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Sample Paycheck Stub Terrific Tacos Employee Paycheck, Patty SSN/Employee Identification Number 201-92-4856 Check # 164 Check Amount (net income) $146.68 Employee Address 293 Michael Grove Billings, MT 59102 Pay Type- Gross Income DeductionsCurrentYear-to-date $180.00Federal Withholding State Withholding FICA $14.10 $5.45 $13.77 $296.10 $130.80 $330.48 Totals$33.32$757.38 Pay Period 6/11/2007-6/25/2007

23. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Remember to Review It is important to review each paycheck stub to identify any possible mistakes! –If a mistake is found, contact the employer for clarification

24. 1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona Thanks for Visiting Thank you for visiting planet paycheck. Good luck with all of your future paycheck journeys!