Figuring out your paycheck

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copyright Brad Jones

Piggy Bank image from Microsoft Office clip art

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Figuring out your paycheck

  1. 1. Figuring out your Paycheck Part 1: Making Ends Meet Series
  2. 2. Can you figure this out? <ul><li>What is the net pay? </li></ul>
  3. 3. Paycheck Formulas <ul><li>Regular Pay = regular hours x hourly rate </li></ul><ul><li>Overtime = overtime hours x hourly rate x 1.5 </li></ul><ul><li>Double overtime = hours x hourly rate x 2 </li></ul><ul><li>Vacation pay = 4% x accumulated wage pay </li></ul><ul><li>Net Pay = Gross Pay – Deductions </li></ul>
  4. 4. Types of Payment <ul><li>Wages/Salaries </li></ul><ul><li>Commissions </li></ul><ul><li>Overtime </li></ul><ul><li>Holiday pay </li></ul><ul><li>Payment in lieu of benefits </li></ul><ul><li>Allowances </li></ul><ul><ul><li>Clothing  safety clothing, uniforms </li></ul></ul><ul><ul><li>Travel  mileage </li></ul></ul><ul><ul><li>Moving </li></ul></ul>
  5. 5. Deductions <ul><li>Mandatory deductions </li></ul><ul><ul><li>Canada Pension Plan (CPP) </li></ul></ul><ul><ul><li>Employment Insurance (EI) </li></ul></ul><ul><ul><li>Income Tax (Federal and Provincial) </li></ul></ul><ul><li>Other Deductions </li></ul><ul><ul><li>Health plans </li></ul></ul><ul><ul><li>Supplemental pension or savings plans </li></ul></ul><ul><ul><li>Union dues </li></ul></ul>
  6. 6. Tips for Getting Paid <ul><li>Keep track of your own hours on a calendar  use this as a record of the hours you work </li></ul><ul><li>Proofread your pay stub. Make sure the hours are the same as your records </li></ul><ul><li>Check rates, benefits and allowances  make sure you are not getting underpaid or paying for unwarranted deductions </li></ul>
  7. 7. Pay and Budgeting <ul><li>Always budget for net pay, not gross pay (usually wages) </li></ul><ul><li>Always prepare for seasonal highs and lows in some economic sectors </li></ul><ul><ul><li>Save when times are good, so slow months are not stressful ones </li></ul></ul><ul><li>Balance your payments so one paycheck does not always have a big hit. </li></ul>
  8. 8. Navigating a Pay check Mandatory Deductions Regular Pay Hours x rate Vacation Pay 4% x accumulated wages Employer’s contribution to benefits Current and yearly pay
  9. 9. Examples of Net Pay <ul><li>What is regular pay and net pay? </li></ul>
  10. 10. Examples of Net Pay <ul><li>What is regular pay and net pay? </li></ul>

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