Microsoft Word - Understanding Your Paycheck Essentials ...



Understanding Your Paycheck Essentials56451593345Total Points Earned35Total Points PossiblePercentage00Total Points Earned35Total Points PossiblePercentageName Date Class Employment FormsWhat is the purpose of the Form W-4?How does a Form W-4 relate to income taxes?What are taxes?What is the largest category of taxes citizens pay?What is an item or service that you use every day that is paid for by taxes?Illustrate howemployers determine how much money to withhold from anemployees paycheck to pay federal income tax.Amount of federal income tax withheld from paycheck0000What is the Form I-9?Payment MethodsAdvantages:What is a paper paycheck? Characteristics:DisadvantagesAdvantages:What is direct deposit?Characteristics:DisadvantagesAdvantages:What is a payroll card?Characteristics:0000DisadvantagesWhich payment method would work best for you?What is a pay period?0000Reading a Paycheck StubSummarize each section of the paycheck stub below.Personal InformationPay PeriodGross IncomeNet IncomePayroll WithholdingsFederal WithholdingTaxState Withholding TaxFICASocial SecurityMedicareRetirement PlanMedicalYear-to-Date502920-144780007.13.2.A243878531813500WorksheetAdvantages and Disadvantages of41529057023000Payment MethodsPaper PaycheckDirect Deposit443230-286702500Payroll Cards11353801270000637476564770004248156604000419100-262636000? Family Economics & Financial Education – October 2010 – The Essentials to Take Charge of Your Finances –Understanding Your Paycheck Essentials– Page 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of ArizonaSample Paycheck Stub7.13.2.E1Resource32004028956000On-The-GoEmployeeBeakens, JoeEmployee Identification201-92-4856Check #164Check Amount$1,102.98Employee Address293 Michael GroveBillings, MT 59102Pay Type- Gross PayDeductionsCurrentYear-to-date$1,353.33Federal WithholdingState WithholdingFed OASDI/EE or SocialSecurityFed MED/EE or MedicareMedical401K$106.00$40.82$83.91$19.62$0.00$0.00$503.46$117.72$636.00$244.92$0.00$0.00Totals$250.35$1,502.10Pay Period 6/11/2004-7/11/200495250012700007477760647700010521956604000? Family Economics & Financial Education – October 2010 – The Essentials to Take Charge of Your Finances –Understanding Your Paycheck Essentials– Page 14Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ................
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