Figuring out your paycheck
-
Upload
mywallet -
Category
Technology
-
view
198 -
download
1
description
Transcript of Figuring out your paycheck
Figuring out your Paycheck
Part 1: Making Ends Meet Series
Can you figure this out?
What is the net pay?
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
Types of Payment
• Wages/Salaries• Commissions• Overtime• Holiday pay• Payment in lieu of benefits• Allowances
– Clothing safety clothing, uniforms– Travel mileage– Moving
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
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
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.
Navigating a Pay check
Mandatory Deductions
Regular PayHours x rate
Vacation Pay4% x
accumulated wages
Employer’s contributionto benefits
Current and yearly
pay
Examples of Net Pay
What is regular pay and net pay?
Examples of Net Pay
What is regular pay and net pay?