Getting PaidAdvanced Level

NOTE:To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat 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 #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 ArizonaSalary vs. HourlyWould you rather be paid a salary or hourly wage?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat methods do employers use to pay employees?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPaper Paycheck and Direct Deposit2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPayroll CardWhat method of payment would be best for you?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPayroll deductionsMandatoryOptional2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat are the five main types of taxes?Withheld from wages

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhy are income and payroll taxes deducted from wages?

Helps manage tax liability on an ongoing basis(total tax bill)Beginning of yearEnd of year total tax liability due2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat are the mandatory income and payroll tax deductions?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaFederal Income TaxLargest required deductionHow do you benefit from paying federal income taxes?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat is a Form W-4?

Determines the percentage pay that will be deducted for federal income taxes2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaForm W-4 Allowances2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaAllowancesIndividuals may change their Form W-4 at any time2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaState Income TaxDoes your state have state income tax?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat is Social Security?Income for:Retirees People with profound disabilityChildren who have lost a parentA person with children who has experienced the death of a spouse6.2%Up to an annual maximumPaid by each worker and matched by employer

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat is Medicare?Helps pay for health care for individuals 65 and older1.45%No limitPaid by each worker and matched by each employer

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat 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 #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 ArizonaHow Employers Further Support EmployeesBoth required at no cost to the employee2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaHow Employers Further Support Employees2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaWhat is a pay stub?Pay stub - outlines the deductions made to wagesWhy is it important to review your pay stub?

Employee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubEmployee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubEmployee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick55005Why is the pay period different than the pay date?

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubGross incomeNet income

CurrentYear-to-date (YTD)Amount this pay periodAmount from January 1 to last day of current pay periodEmployee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubEmployee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubWhat are examples of deductions?

Employee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubWhat contributions are included?

Employee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaPay StubEmployee InformationPay Date: 6/11/2013NameIdentification NumberAddressPay RatePay Period Joe Beakens00112233293 Michael Grove$15.005/1 5/31/2013SummaryGross IncomeTotal Personal DeductionsNet IncomeCurrent$2,400.00$747.00$1,653.00YTD$12,000.00$3,735.00$8,265.00EarningsTypeRateHoursCurrentYTDRegular$15.00160$2,400.00$12,000.00Overtime0000DeductionsTypePersonal DeductionEmployer ContributionFederal income tax$249.400State income tax$100.000Social Security and Medicare$183.60$183.60Retirement plan$144.00$144.00Health insurance$100.00$400.00Workers compensation0$13.80Unemployment insurance0$6.26Employee Leave BalancesTypeBeginning balance currentBeginning balance YTDUsed CurrentUsed YTDEnding BalancePersonal10150510Sick550052.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaCan an employer pay employees cash?Ensure employer is deducting income and payroll taxes from wages paid in cashConsult a tax professional to determine if you should pay taxes on cash earned.

2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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 ArizonaSummary2.3.9.G1 Take Charge Today August2013 Getting Paid Slide #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