*Understanding Paychecks

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This presentation was prepared for Ms AmyLC's Deaf and hard of hearing Senior Social Science students.

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*Understanding Paychecks

  1. 1. Understanding Paychecks & Using Banks
  2. 2. Understanding Paychecks:Do you know what these words mean?•deposit –Put your paycheck in the bank.•pay stub –describes earnings, hours you worked and deductions•financial records -pay stubs, tax, insurance and car loan papers. Save financialrecords 7 years.•identity theft –Thieves may use your credit card or social security numbers to stealyour money.•payroll secretary-follows rules to make sure correct taxes are removed from yourpaycheck.•net pay-your pay before taxes•gross pay–after tax pay. This is what you take home.•deduct-subtract•deductions-Money subtracted from your paycheck for taxes or to help you.•pay stub -a paper attached to your paycheck that shows how much tax is subtractedfrom your income.•Charity-Money to help people. Giving charity reduces your taxes.•Retirement and 401K – money you will use when you are too old to work.•Direct deposit-The payroll secretary will send your pay to the bank.•Pay Yourself First!-Deduct money every pay day and save it!•interest –Extra money the bank will pay you for saving money.•FDIC –the government insures money in the bank to make it safe.
  3. 3. Its great to get a paycheck! http://womeninbiz.sbresources.com/blog/images/money-into-air-image.jpg
  4. 4. http://www.themint.org/images/paycheck.gif
  5. 5. What should you do with it?
  6. 6. http://www.themint.org/images/paycheck.gif { This is your { pay stub. { This is your { paycheck.
  7. 7. http://www.themint.org/images/paycheck.gif
  8. 8. http://www.themint.org/images/paycheck.gif1. Deposit paychecks in the bank.
  9. 9. http://www.themint.org/images/paycheck.gifThis is your pay stub.
  10. 10. http://www.themint.org/images/paycheck.gifhours x rate = pay(how long you work) ($$ per hour)2. Check your pay stub.Make sure it is correct.
  11. 11. pay earnings wages incomeThese words mean the same thing.
  12. 12. http://www.themint.org/images/paycheck.gif3. Save pay stubs in your personal financialrecords.
  13. 13. http://startupblog.files.wordpress.com/2008/01/manila-envelope.jpg4. Save pay stubs in your financialrecords for seven years. My Financial Records January – December, 2012 Put papers about your insurance taxes retirement/401-K credit card bank car in your Financial Records, too.
  14. 14. http://www.themint.org/images/paycheck.gif http://www.zdistrict.com/2008/05/09/the-shredder/5. After seven years, shred old financial documents.
  15. 15. http://www.mortgagedaily.com/CoxWantedPoster081604.JPG6. Don’t let strangers find your old pay stubs!
  16. 16. http://www.mortgagedaily.com/HauckWantedPoster081604.JPG
  17. 17. David Earl Williams Jr. Violations: Bank fraud, 18 USC1344. Case No.: 0596-1395657-MF(1) NCIC No.: W095306743 FBI No.: 736099XA6 Warrant No.: 103M2272, 12/23/03, Middle District,North Carolina Aliases: Kristian Williams, Chris William DOB: February 23, 1978 Description: 5 09", 160 lbs., black hair, brown eyes Occupation: Corporate executive Also wanted on multiple state warrants from Arkansas. TAKE NO ACTION TO APPREHEND THIS PERSON YOURSELFhttps://postalinspectors.uspis.gov/radDocs/wanted/razmilov.htm
  18. 18. Who prepares my pay check? I am the Payroll Secretary. 7. In big companies, payroll secretaries prepare paychecks. http://www.nccchurch.org/images/Secretary.png
  19. 19. http://idfightabear.com/htcfiles/cte/ezstub-stub.pngWhat is all of this about?
  20. 20. http://idfightabear.com/htcfiles/cte/ezstub-stub.png
  21. 21. http://www.taxes.ca.gov/images/paystub.gif gross pay net pay
  22. 22. http://www.themint.org/images/paycheck.gif8. gross pay =before tax pay 9. net pay = after tax pay What do these words mean?
  23. 23. http://www.themint.org/images/paycheck.gifbefore tax pay after tax pay 10. Warning: Net pay is always less than gross pay!
  24. 24. http://www.taxes.ca.gov/images/paystub.gif gross pay net pay
  25. 25. http://www.taxes.ca.gov/images/paystub.gifThese are taxdeductions. 11. No one takes home gross pay because everyone must pay taxes.
  26. 26. http://www.taxes.ca.gov/images/paystub.gifThese are taxdeductions. How much money was deducted from this paycheck to pay taxes?
  27. 27. http://idfightabear.com/htcfiles/cte/ezstub-stub.png These are tax deductions. net paygross pay
  28. 28. 12. deduct = subtractDeductions are removed fromyour paycheck to pay taxes.
  29. 29. No one likes to pay taxes.
  30. 30. In this world,nothing is certainexcept death and taxes.
  31. 31. How does the payroll secretary knowhow much tax to deduct from my paycheck?
  32. 32. When you start working, I’ll ask you to fill out a W-4 form.http://www.nccchurch.org/images/Secretary.png
  33. 33. http://www.myliferoi.com/wp-content/uploads/2009/02/3-taxesfornewgradsw4-b.jpg13. The number you put on your W-4 form helps the PayrollSecretary figure out the tax deductions on your paycheck.
  34. 34. 14. Some deductions are not for taxes.Some deductions benefit you.
  35. 35. http://www.themint.org/images/paycheck.gif
  36. 36. http://www.youngmoney.com/images/articles/Sample_pay_stub.jpg
  37. 37. http://www.principlesofaccounting.com/ART/C12art/paycheck.PNG
  38. 38. http://www.youngmoney.com/images/articles/Sample_pay_stub.jpg
  39. 39. http://www.principlesofaccounting.com/ART/C12art/paycheck.PNG
  40. 40. http://idfightabear.com/htcfiles/cte/ezstub-stub.png
  41. 41. http://www.heritagepayroll.com/supfiles/images/PayCheck.jpg
  42. 42. http://www.fordham.edu/images/admin_offices/hr/administrator%20paystub%20image.jpg
  43. 43. 15. Some deductions benefit your children.
  44. 44. http://www.principlesofaccounting.com/ART/C12art/paycheck.PNG
  45. 45. http://www.heritagepayroll.com/supfiles/images/PayCheck.jpg
  46. 46. 16. You can deduct money for charity from your paycheck.
  47. 47. http://www.fordham.edu/images/admin_offices/hr/administrator%20paystub%20image.jpg
  48. 48. http://www.principlesofaccounting.com/ART/C12art/paycheck.PNG
  49. 49. 17. Contributing money to charity benefits you in two ways:a. You choose how to help other people.b. It reduces your taxes.
  50. 50. http://www.fordham.edu/images/admin_offices/hr/administrator%20paystub%20image.jpg18. Some payroll secretaries can send your paycheck directly to your bank.This is called direct deposit.
  51. 51. In January, the payroll secretary will give you a W-2 formThe W-2 shows how much taxes were deducted from your paycheck. http://i.ehow.com/images/GlobalPhoto/Articles/4812085/127291-main_Full.jpg
  52. 52. http://www.osc.state.ny.us/payroll/images/w2_2008.jpg19. April 15 is the deadline to pay taxes on your income.Use your W-2 to prove that you already paid most of your taxes.You will not have to pay these taxes again.
  53. 53. 20. Saving money is very important!Start saving as soon as you start a job!
  54. 54. PayYourselfFirst! 21. Pay yourself first means take paycheck deductions every payday for you.
  55. 55. Why save money?You will need money for… …a car. …a computer. …a flat screen tv. …a vacation. …a wedding. …furniture. …to pay college for my kids. …an emergency.
  56. 56. http://www.arthursclipart.org/transport/land/cars/breakdown.gifhttp://www.clipartguide.com/_named_clipart_images/0511-0902-1720-3622_Woman_Holding_Pots_to_Catch_Water_from_a_Leaky_Ceiling_clipart_image.jpg http://www.clipartguide.com/_named_clipart_images/0511-0902-1720-3619_Plumber_in_a_Flooded_Basement_clipart_image.jpg http://www.clker.com/cliparts/2/7/3/c/12115447392054621007house-fire-insurance.svg.hi.png
  57. 57. http://www.clker.com/cliparts/7/8/0/c/1195432342649371779JicJac_Couch.svg.hi.pnghttp://smartpoodlepublishing.com/blog/wp- content/uploads/2009/09/graduation_clipart_photograph_frame.gif http://www.freewebs.com/sonypsfree/Sony%20flat%20screen%20tv.jpg http://www.wncbride.com/wedding_clipart.jpg http://school.discoveryeducation.com/clipart/images/laptop2.gif
  58. 58. 22. When you pay yourself first,you will be able to buy special things.When you pay yourself first,you will be ready for an emergency.
  59. 59. http://files.turbosquid.com/Preview/Content_2009_07_14__08_54_42/piggy_01.bmpd2b7c405-20e6-4bac-91f8-e09f62a85dc1Large.jpg This is not the best place to save money.
  60. 60. 23. It is better to save money in a bank.Banks pay you extra money to save.The extra money is called interest.
  61. 61. http://static.seekingalpha.com/uploads/2009/9/30/saupload_fdic250.jpgIt is safe to save money in a bank. 24. The FDIC sign means that all money in the bank is insured.
  62. 62. Saving money is very important!If you save nothing for ten years, you will have nothing.If you save $10 in a piggy bank each week for ten years,you will have about $4,800.00.If you ask the payroll secretary to deduct $10 from yourpaycheck each week and deposit it in a savings account forten years, you will have $5,459.71. This is more money because banks pay interest!
  63. 63. http://files.turbosquid.com/Preview/Content_2009_07_14__08_54_42/piggy_01.bmpd2b7c405-20e6-4bac-91f8-e09f62a85dc1Large.jpg I wont pay anything.
  64. 64. 25. Start saving when you are young.You will earn more interest.
  65. 65. I dont understand my pay stub! I can answer your questions. Make an appointment to see me. Bring your pay stub. http://www.nccchurch.org/images/Secretary.png
  66. 66. Don’t forget! Pay yourself first!http://www.aisquared.com/zoomnews/images/1008/money.jpg
  67. 67. Understanding Paychecks :Do you know what these words mean?•deposit –Put your paycheck in the bank.•pay stub –describes earnings, hours you worked and deductions•financial records -pay stubs, tax, insurance and car loan papers. Save financialrecords 7 years.•identity theft –Thieves may use your credit card or social security numbers to stealyour money.•payroll secretary-follows rules to make sure correct taxes are removed from yourpaycheck.•net pay-your pay before taxes•gross pay–after tax pay. This is what you take home.•deduct-subtract•deductions-Money subtracted from your paycheck for taxes or to help you.•pay stub -a paper attached to your paycheck that shows how much tax is subtractedfrom your income.•charity-Money to help people. Giving charity reduces your taxes.•retirement and 401K – money you will use when you are too old to work.•Direct deposit-The payroll secretary will send your pay to the bank.•Pay Yourself First!-Deduct money every pay day and save it!•interest –Extra money the bank will pay you for saving money.•FDIC –the government insures money in the bank to make it safe.

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