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Figuring out your paycheck

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copyright Brad Jones …

copyright Brad Jones

Piggy Bank image from Microsoft Office clip art

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

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