Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Show Me the Money: Lesson 2: Paycheck Breakdown

No description
by

M P

on 4 November 2016

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Show Me the Money: Lesson 2: Paycheck Breakdown

"Where did all my money go?!?"
Paycheck Breakdown
Anytime you make or spend money....you pay taxes....think about it....you're taxed on just about everything!
Taxes, Taxes, Taxes! They're everywhere!
Gross Pay = Total earnings BEFORE taxes.

Net Pay = Total earnings AFTER taxes and other deductions......in other words......your TAKE HOME PAY!
What's the difference between Gross & Net Pay?
Social Security & Medicare
Unavoidable Taxes!
The total amount you earn in a pay period.
Gross Pay...
Hourly Rate
x
Hours Worked
Example:
You make $10 per hour. You worked 40 hours this week. What are your total earnings or GROSS PAY.
Example:
You make $10 per hour. You worked 40 hours this week. What are your total earnings or GROSS PAY.
You get to take home $400 right!?!?
WRONG!
Exceptions: groceries, gifted money, etc.
The social security tax rate is currently 6.2%
$400 x .062 = $24.80
Gross Pay $400.00
-Social Security tax $24.80
Social Security & Medicare
The social security tax rate is currently 6.2%
$400 x .062 = $24.80

The medicare tax rate is currently 1.45%
$400 x .0145 = $5.80
Gross Pay $400.00
-Social Security tax -$24.80
-Medicare tax -$5.80
Complete the Quia quiz calculating SS & Medicare Taxes
Income Taxes
Depend on your situation! Determining factors include:
1. Pay Period
2. Gross Pay (or total earnings)
3. Marital Status
4. # of Withholding Allowances
Your status:
*Weekly pay period
*Gross Pay of $400
*Single
*1 withholding allowance
What is Social
Security tax?
What is
Medicare Tax?
Federal Tax Tables:
File saved to S: drive
Gross Pay $400.00
-Social Security tax -$24.80
-Medicare tax -$5.80
-Federal Income Tax -$35.00
-State Income Tax -$13.50
Gross Pay $400.00
-Social Security tax -$24.80
-Medicare tax -$5.80
-Federal Income Tax -$35.00
State Tax Tables:
File saved to S: drive
What are federal & state income taxes used for?
Gross Pay $400.00
-Social Security tax -$24.80
-Medicare tax -$5.80
-Federal Income Tax -$35.00
-State Income Tax -$13.50

Left to take home $320.90
..and that's before any other deductions!
Full transcript