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Getting paid power_point_presentation_2.3.9.g1

The document is a presentation on getting paid and understanding pay stubs. It discusses key topics like salary vs hourly pay, methods of payment including direct deposit and pay cards, mandatory and optional payroll deductions including taxes, and components of a pay stub such as earnings, deductions, and leave balances. The purpose is to help individuals understand the pay process and how to read a pay stub which outlines deductions from wages.

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Getting Paid Advanced Level
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 2 Funded 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 What are the two primary sources of employment? What sources of employment do your family members have?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 3 Funded 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 Salary vs. Hourly Would you rather be paid a salary or hourly wage?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 4 Funded 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 What methods do employers use to pay employees?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 5 Funded 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 Paper Paycheck and Direct Deposit
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 6 Funded 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 Payroll Card What method of payment would be best for you?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 7 Funded 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 Payroll deductions Mandatory Optional
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 8 Funded 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 What are the five main types of taxes? Withheld from wages
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 9 Funded 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 Why are income and payroll taxes deducted from wages? Helps manage tax liability on an ongoing basis (total tax bill) Beginning of year End of year – total tax liability due
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 10 Funded 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 What are the mandatory income and payroll tax deductions?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 11 Funded 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 Federal Income Tax Largest required deduction How do you benefit from paying federal income taxes?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 12 Funded 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 What is a Form W-4?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 13 Funded 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 Form W-4 Allowances
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 14 Funded 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 Allowances Individuals may change their Form W-4 at any time
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 15 Funded 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 State Income Tax Does your state have state income tax?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 16 Funded 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 What is Social Security? • 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
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 17 Funded 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 What is Medicare? • Helps pay for health care for individuals 65 and older • 1.45% • No limit • Paid by each worker and matched by each employer
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 18 Funded 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 What are optional payroll deductions? Employee will typically pay much less than privately purchasing that same benefit.
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 19 Funded 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 How Employers Further Support Employees Both required at no cost to the employee
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 20 Funded 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 How Employers Further Support Employees
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 21 Funded 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 What is a pay stub? Pay stub - outlines the deductions made to wages Why is it important to review your pay stub? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 22 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 23 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5 Why is the pay period different than the pay date?
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 24 Funded 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 Pay Stub • Gross income • Net income Current Year-to-date (YTD) Amount this pay period Amount from January 1 to last day of current pay period Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 25 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 26 Funded 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 Pay Stub What are examples of deductions? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 27 Funded 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 Pay Stub What contributions are included? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 28 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 29 Funded 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 Can an employer pay employees cash? Ensure employer is deducting income and payroll taxes from wages paid in cash Consult a tax professional to determine if you should pay taxes on cash earned.
2.3.9.G1 © Take Charge Today –August2013 – Getting Paid– Slide 30 Funded 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 Summary

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Getting paid power_point_presentation_2.3.9.g1

  • 1.
  • 2.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 2 Funded 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 What are the two primary sources of employment? What sources of employment do your family members have?
  • 3.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 3 Funded 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 Salary vs. Hourly Would you rather be paid a salary or hourly wage?
  • 4.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 4 Funded 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 What methods do employers use to pay employees?
  • 5.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 5 Funded 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 Paper Paycheck and Direct Deposit
  • 6.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 6 Funded 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 Payroll Card What method of payment would be best for you?
  • 7.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 7 Funded 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 Payroll deductions Mandatory Optional
  • 8.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 8 Funded 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 What are the five main types of taxes? Withheld from wages
  • 9.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 9 Funded 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 Why are income and payroll taxes deducted from wages? Helps manage tax liability on an ongoing basis (total tax bill) Beginning of year End of year – total tax liability due
  • 10.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 10 Funded 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 What are the mandatory income and payroll tax deductions?
  • 11.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 11 Funded 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 Federal Income Tax Largest required deduction How do you benefit from paying federal income taxes?
  • 12.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 12 Funded 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 What is a Form W-4?
  • 13.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 13 Funded 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 Form W-4 Allowances
  • 14.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 14 Funded 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 Allowances Individuals may change their Form W-4 at any time
  • 15.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 15 Funded 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 State Income Tax Does your state have state income tax?
  • 16.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 16 Funded 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 What is Social Security? • 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
  • 17.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 17 Funded 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 What is Medicare? • Helps pay for health care for individuals 65 and older • 1.45% • No limit • Paid by each worker and matched by each employer
  • 18.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 18 Funded 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 What are optional payroll deductions? Employee will typically pay much less than privately purchasing that same benefit.
  • 19.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 19 Funded 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 How Employers Further Support Employees Both required at no cost to the employee
  • 20.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 20 Funded 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 How Employers Further Support Employees
  • 21.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 21 Funded 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 What is a pay stub? Pay stub - outlines the deductions made to wages Why is it important to review your pay stub? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 22.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 22 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 23.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 23 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5 Why is the pay period different than the pay date?
  • 24.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 24 Funded 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 Pay Stub • Gross income • Net income Current Year-to-date (YTD) Amount this pay period Amount from January 1 to last day of current pay period Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 25.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 25 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 26.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 26 Funded 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 Pay Stub What are examples of deductions? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 27.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 27 Funded 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 Pay Stub What contributions are included? Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 28.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 28 Funded 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 Pay Stub Employee Information Pay Date: 6/11/2013 Name Identification Number Address Pay Rate Pay Period Joe Beakens 00112233 293 Michael Grove $15.00 5/1 – 5/31/2013 Summary Gross Income Total Personal Deductions Net Income Current $2,400.00 $747.00 $1,653.00 YTD $12,000.00 $3,735.00 $8,265.00 Earnings Type Rate Hours Current YTD Regular $15.00 160 $2,400.00 $12,000.00 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $249.40 0 State income tax $100.00 0 Social Security and Medicare $183.60 $183.60 Retirement plan $144.00 $144.00 Health insurance $100.00 $400.00 Workers’ compensation 0 $13.80 Unemployment insurance 0 $6.26 Employee Leave Balances Type Beginning balance current Beginning balance YTD Used Current Used YTD Ending Balance Personal 10 15 0 5 10 Sick 5 5 0 0 5
  • 29.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 29 Funded 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 Can an employer pay employees cash? Ensure employer is deducting income and payroll taxes from wages paid in cash Consult a tax professional to determine if you should pay taxes on cash earned.
  • 30.
    2.3.9.G1 © Take ChargeToday –August2013 – Getting Paid– Slide 30 Funded 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 Summary