*Understanding Paychecks
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Understanding Paychecks&
Using Banks
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Understanding Paychecks:Do you know what these words mean?•deposit –Put your paycheck in the bank.•pay stub –describes earnings, hours you worked and deductions•financial records -pay stubs, tax, insurance and car loan papers. Save financial records 7 years.•identity theft –Thieves may use your credit card or social security numbers to steal your money.•payroll secretary-follows rules to make sure correct taxes are removed from your paycheck.•net pay-your pay before taxes•gross pay–after tax pay. This is what you take home.•deduct-subtract•deductions-Money subtracted from your paycheck for taxes or to help you.•pay stub -a paper attached to your paycheck that shows how much tax is subtracted from your income. •Charity-Money to help people. Giving charity reduces your taxes. •Retirement and 401K – money you will use when you are too old to work.•Direct deposit-The payroll secretary will send your pay to the bank.•Pay Yourself First!-Deduct money every pay day and save it!•interest –Extra money the bank will pay you for saving money.•FDIC –the government insures money in the bank to make it safe.
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http://womeninbiz.sbresources.com/blog/images/money-into-air-image.jpg
It's great to get a paycheck!
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http://www.themint.org/images/paycheck.gif
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What should you do with it?
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http://www.themint.org/images/paycheck.gif
{ This is your { paycheck.
{ This is your { pay stub.
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1. Deposit paychecks in the bank.
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http://www.themint.org/images/paycheck.gif
This is your pay stub.
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http://www.themint.org/images/paycheck.gif
hours(how long you work)
x rate($$ per hour)
= pay
2. Check your pay stub.
Make sure it is correct.
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pay
earnings
wages
income
These words mean the same thing.
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http://www.themint.org/images/paycheck.gif
3. Save pay stubs in your personal financial records.
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http://startupblog.files.wordpress.com/2008/01/manila-envelope.jpg
My Financial Records
January – December, 2012
4. Save pay stubs in your financial records for seven years.
Put papers about your insurance taxes retirement/401-K credit card bank carin your Financial Records, too.
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http://www.themint.org/images/paycheck.gif http://www.zdistrict.com/2008/05/09/the-shredder/
5. After seven years, shred old financial documents.
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6. Don’t let strangers find your old pay stubs!
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David Earl Williams Jr.
Violations: Bank fraud, 18 USC1344.
Case No.: 0596-1395657-MF(1)
NCIC No.: W095306743
FBI No.: 736099XA6
Warrant No.: 103M2272, 12/23/03, Middle District,North Carolina
Aliases: Kristian Williams, Chris William
DOB: February 23, 1978
Description: 5' 09", 160 lbs., black hair, brown eyes
Occupation: Corporate executive
Also wanted on multiple state warrants from Arkansas.
https://postalinspectors.uspis.gov/radDocs/wanted/razmilov.htm
TAKE NO ACTION TO APPREHEND THIS PERSON YOURSELF
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Who prepares my pay check?
http://www.nccchurch.org/images/Secretary.png
I am the Payroll Secretary.7. In big companies, payroll secretaries prepare paychecks.
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What is all of this about?
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http://www.taxes.ca.gov/images/paystub.gif
gross pay
net pay
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http://www.themint.org/images/paycheck.gif
What do these words mean?
8. gross pay = before tax pay
9. net pay =after tax pay
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10. Warning: Net pay is always less than gross pay!
before tax pay
after tax pay
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http://www.taxes.ca.gov/images/paystub.gif
gross pay
net pay
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http://www.taxes.ca.gov/images/paystub.gif
11. No one takes home gross pay because everyone must pay taxes.
These are tax deductions.
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http://www.taxes.ca.gov/images/paystub.gif
How much money was deducted from thispaycheck to pay taxes?
These are tax deductions.
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gross pay
net pay
These are tax deductions.
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12. deduct = subtractDeductions are removed from your paycheck to pay taxes.
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No one likes to pay taxes.
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In this world, nothing is certainexcept death and taxes.
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How does the payroll secretary know how much tax to deduct from my paycheck?
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http://www.nccchurch.org/images/Secretary.png
When you start working,
I’ll ask you to fill out a W-4 form.
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13. The number you put on your W-4 form helps the Payroll Secretary figure out the tax deductions on your paycheck.
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14. Some deductions are not for taxes.Some deductions benefit you.
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15. Some deductions benefit your children.
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16. You can deduct money for charity from your paycheck.
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17. Contributing money to charity benefits you in two ways:
a. You choose how to help other people.
b. It reduces your taxes.
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18. Some payroll secretaries can send your paycheck directly to your bank.
This is called direct deposit.
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In January, the payroll secretary will give you a W-2 formThe W-2 shows how much taxes were deducted from your paycheck.
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http://www.osc.state.ny.us/payroll/images/w2_2008.jpg
19. April 15 is the deadline to pay taxes on your income.
Use your W-2 to prove that you already paid most of your taxes.
You will not have to pay these taxes again.
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20. Saving money is very important!Start saving as soon as you start a job!
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P Y F
ayourselfirst!
21. Pay yourself first means take paycheck deductions every payday for you.
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Why save money?You will need money for…
…a car.…a computer.…a flat screen tv.…a vacation.…a wedding.…furniture.…to pay college for my kids.
…an emergency.
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22. When you pay yourself first, you will be able to buy special things.
When you pay yourself first, you will be ready for an emergency.
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This is not the best place to save money.
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23. It is better to save money in a bank.Banks pay you extra money to save.The extra money is called interest.
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It is safe to save money in a bank.
24. The FDIC sign means that all money in the bank is insured.
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Saving money is very important!
If you save $10 in a piggy bank each week for ten years, you will have about $4,800.00.
If you ask the payroll secretary to deduct $10 from your paycheck each week and deposit it in a savings account for ten years, you will have $5,459.71.
If you save nothing for ten years, you will have nothing.
This is more money because banks pay interest!
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I won't pay anything.
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25. Start saving when you are young.You will earn more interest.
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I don't understand my pay stub!
http://www.nccchurch.org/images/Secretary.png
I can answer your questions.Make an appointment to see me.Bring your pay stub.
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Don’t forget!
Pay yourself first!
http://www.aisquared.com/zoomnews/images/1008/money.jpg
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Understanding Paychecks :Do you know what these words mean?•deposit –Put your paycheck in the bank.•pay stub –describes earnings, hours you worked and deductions•financial records -pay stubs, tax, insurance and car loan papers. Save financial records 7 years.•identity theft –Thieves may use your credit card or social security numbers to steal your money.•payroll secretary-follows rules to make sure correct taxes are removed from your paycheck.•net pay-your pay before taxes•gross pay–after tax pay. This is what you take home.•deduct-subtract•deductions-Money subtracted from your paycheck for taxes or to help you.•pay stub -a paper attached to your paycheck that shows how much tax is subtracted from your income. •charity-Money to help people. Giving charity reduces your taxes. •retirement and 401K – money you will use when you are too old to work.•Direct deposit-The payroll secretary will send your pay to the bank.•Pay Yourself First!-Deduct money every pay day and save it!•interest –Extra money the bank will pay you for saving money.•FDIC –the government insures money in the bank to make it safe.