Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL...
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Transcript of Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL...
![Page 1: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/1.jpg)
Financial Literacy
Part of the Career Management Course for WBL Students
![Page 2: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/2.jpg)
Your Paycheck
Payroll and Taxes
Deductions
![Page 3: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/3.jpg)
What do you know?
1) _______ is the total amount of person’s
or company’s income before any taxes
and deductions are taken out.
2) ______ is the sum of all financial
records of salaries, wages, bonuses,
and deductions.
3) _____ is the amount of income received
after taxes and deductions have been
taken out.
![Page 4: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/4.jpg)
What is a Payroll?
A payroll is the sum of all
financial records of salaries,
wages, bonuses, and deductions
The information from your employer’s payroll is used to generate your paycheck.
![Page 5: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/5.jpg)
Paychecks
• Your paycheck may be a paper document or an electronic transfer known as a direct deposit.
• It is calculated on a document known as a play slip.
![Page 6: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/6.jpg)
How is my paycheck calculated?
Gross Income
Less: Deductions
Net Income
Your pay slip sets forth a
statement of your earnings:
![Page 7: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/7.jpg)
What is Gross Income?
The total amount of person’s or
company’s income before any
taxes and deductions are taken
out.
![Page 8: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/8.jpg)
What Taxes?
• Federal and State Incomes Taxes
• City/Local Income Taxes
• FICA:– Social Security– Medicare
![Page 9: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/9.jpg)
What Deductions?
Deductions include:
• Group Health Insurance
• Retirement/Pension contributions
• Charitable contributions
• Miscellaneous such as union dues
![Page 10: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/10.jpg)
What is Net Income?
The amount of income
received after taxes and
deductions have been
taken out.
![Page 11: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/11.jpg)
Equation
Gross Income
Less Taxes
Less Deductions
Equals Net Income
![Page 12: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/12.jpg)
Understanding Check
Lonnie Flanagan's weekly gross income
is $1,250. Each week she has $64.37 in
deductions, plus state tax of two percent
of her gross pay, and Social Security and
Medicare taxes of 7.65 percent of her
income. What is her net income?
A) $185.00 B) $1,058.79 C) $1,065.00 D)
$1,435.00
![Page 13: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/13.jpg)
The Answer
A) $185.00
B) $1,058.79
C) $1,065.00
D) $1,435.00
![Page 14: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/14.jpg)
What did you know?
1) Gross Income is the total amount of
person’s or company’s income before any
taxes and deductions are taken out.
2) Payroll is the sum of all financial records
of salaries, wages, bonuses, and
deductions.
3) Net Income is the amount of income
received after taxes and deductions have
been taken out.
![Page 15: Sharon F. McPherson PJHS Smart Start Financial Literacy Part of the Career Management Course for WBL Students.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dbe5503460f94ab13b5/html5/thumbnails/15.jpg)
Assignment
Go to the following website and click on Lessons-Exam 2 for more information on taxes and deductions:
http://ww2.nscc.edu/Math1075-100/lessons.htm