Getting Paid. Advanced Level
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1 Getting Paid Advanced Level
2 What are the two primary sources of employment? G1 You are hired by a business or an employer You are selfemployed What is the difference between an employee and an employer? Take Charge Today April 2014 Getting Paid Slide 2
3 Salary vs. Hourly Salary Set amount of money Not dependent on the specific number of hours worked Example: $30,000/year Hourly wage Earn a specific rate for every hour worked Example: $16.00/hour Minimum wage Federal and state Would you rather be paid a salary or hourly wage? Take Charge Today April 2014 Getting Paid Slide 3
4 What methods do employers use to pay employees? G1 Paper paycheck Direct deposit Payroll card Take Charge Today April 2014 Getting Paid Slide 4
5 Paper Paycheck and Direct Deposit Paper paycheck Direct deposit What are the pros and cons of each method? Access funds by cashing or depositing a check Wages deposited directly to depository institution account Take Charge Today April 2014 Getting Paid Slide 5
6 Payroll Card Payroll card Functions similar to a debit card, except not linked to employee s personal account Wages electronically loaded each payday Fees are common What method of payment would be best for you? Take Charge Today April 2014 Getting Paid Slide 6
7 How often will I get paid? Weekly? 52 pay periods a year Bi-Weekly? 26 pay periods a year Bi-Monthly? 24 pay periods a year Monthly? 12 pay periods a year Take Charge Today April 2014 Getting Paid Slide 7
8 Payroll deductions Gross income amount of money earned before payroll taxes Net income take home pay Mandatory Optional Take Charge Today April 2014 Getting Paid Slide 8
9 What are the five main types of taxes? Income Payroll Property Sales Excise Withheld from wages Paid at the time of purchase Take Charge Today April 2014 Getting Paid Slide 9
10 Why are income and payroll taxes deducted from wages? G1 of year By paying income & payroll taxes with every paycheck you earn, this helps manage your personal tax liability on an ongoing basis (your total tax bill) Paycheck #1 Payroll deduction Paycheck #2 Payroll deduction Paycheck #3 Payroll deduction Take Charge Today April 2014 Getting Paid Slide 10 And so on, until the end of year total tax liability due
11 What are the mandatory income and payroll tax deductions? G1 Income Payroll Federal income tax Social Security State income tax Medicare Take Charge Today April 2014 Getting Paid Slide 11
12 Federal Income Tax Largest required deduction Amount of money earned Information on Form W-4 Amount deducted How do you benefit from paying federal income taxes? Take Charge Today April 2014 Getting Paid Slide 12
13 What is a Form W-4? Marital status Number of allowances Determines the percentage of pay that will be deducted for federal income taxes Take Charge Today April 2014 Getting Paid Slide 13
14 Form W-4 Allowances Allowance May claim an allowance only if no one else claims that person as a dependent Rule of thumb = may claim an allowance for every dependent (but not required) Dependent - person who relies on the taxpayer for financial support Take Charge Today April 2014 Getting Paid Slide 14 Qualifying child Qualifying adult relative
15 Allowances Number of allowances claimed Federal income tax deducted Federal income tax liability Individuals may change their Form W-4 at any time Take Charge Today April 2014 Getting Paid Slide 15
16 State Income Tax Not all states have state income tax Amount deducted varies between states Does your state have state income tax? Take Charge Today April 2014 Getting Paid Slide 16
17 What is Social Security? Provides Tax deducted from wages Income for: o Retirees o People with profound disability o Children who have lost a parent o A person with children who has experienced the death of a spouse 6.2% Up to an annual maximum Paid by each worker and matched by employer Take Charge Today April 2014 Getting Paid Slide 17
18 What is Medicare? Provides Helps pay for health care for individuals 65 and older Tax deducted from wages 1.45% No limit Paid by each worker and matched by each employer Take Charge Today April 2014 Getting Paid Slide 18
19 What are optional payroll deductions? Insurance Employee benefits products or services that add extra value for employees beyond wages earned Employee s portion of the cost is deducted Employee will typically pay much less than privately purchasing that same benefit. Take Charge Today April 2014 Getting Paid Slide 19 Retirement plans Flexible spending accounts
20 How Employers Further Support Employees Workers compensation Unemployment insurance Helps pay medical expenses if you are injured on the job You can receive this if you lose your job due to no fault of your own Both required at no cost to the employee Take Charge Today April 2014 Getting Paid Slide 20
21 How Employers Further Support Employees Paid or unpaid days for illness, personal, holidays Match contributions to Social Security and Medicare Take Charge Today April 2014 Getting Paid Slide 21
22 What is a pay stub? Pay stub - outlines the deductions made to wages Why is it important to review your pay stub? Take Charge Today April 2014 Getting Paid Slide 22 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
23 Pay Stub Standard Employee Information Name Address Identification number Take Charge Today April 2014 Getting Paid Slide 23 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
24 Pay Stub Pay Period Regular schedule that employers pay employees Weekly, bi-weekly, bimonthly, or monthly Why is the pay period different than the pay date? Take Charge Today April 2014 Getting Paid Slide 24 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
25 Pay Stub Gross income Net income Current Amount this pay period Year-to-date (YTD) Amount from January 1 to last day of current pay period Take Charge Today April 2014 Getting Paid Slide 25 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick
26 Pay Stub Earnings How wages were calculated May show current and YTD Take Charge Today April 2014 Getting Paid Slide 26 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
27 Pay Stub All deductions from gross income What are examples of deductions? Take Charge Today April 2014 Getting Paid Slide 27 Employee Information Pay Date: 6/11/2013 Name Identification Number Joe Beakens Michael Grove Summary Gross Income Address Pay Rate Pay Period Total Personal $ /1 5/31/2013 Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
28 Pay Stub Employer contributions Amount the employer has contributed to various employee benefits and other contributions. What contributions are included? Take Charge Today April 2014 Getting Paid Slide 28 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
29 Pay Stub Employee Leave Balance Summary of the employee s leave time Sick Vacation Holidays Take Charge Today April 2014 Getting Paid Slide 29 Employee Information Pay Date: 6/11/2013 Name Identification Address Pay Rate Number Pay Period Joe Beakens Michael $15.00 Grove 5/1 5/31/2013 Summary Gross Income Total Personal Net Income Current $2, $ $1, YTD $12, $3, $8, Earnings Type Rate Hours Current YTD Regular $ $2, $12, Overtime Type Personal Deduction Employer Contribution Federal income tax $ State income tax $ Social Security and Medicare $ $ Retirement plan $ $ Health insurance $ $ Workers compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type balance current balance YTD Current YTD Ending Balance Personal Sick G1
30 Can an employer pay employees in cash? Ensure employer is deducting income and payroll taxes from wages paid in cash If taxes are not deducted from your wages you: Are not managing your tax liability Will be responsible for tracking the amount of money made and paying those taxes Are probably not receiving worker s compensation and unemployment insurance coverage Consult a tax professional to determine if you should pay taxes on cash earned. Take Charge Today April 2014 Getting Paid Slide 30
31 Summary Employers make deductions to wages (outlined on the pay stub) Deducting payroll and income taxes on a pay as you go system helps manage your personal tax liability Being employed provides additional benefits beyond wages earned Employers are required to pay unemployment insurance and worker s compensation Employers may offer employee benefits that save the employee money Take Charge Today April 2014 Getting Paid Slide 31
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