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The Shrinking Paycheck. Consumer Math 2012-2013. Overview. Gross Pay Taxes Deductions Net Pay Examples/Calculations. Gross Pay. Salary Usually ____ hours per week (Full-time) Get the job done (no overtime) Commission Time cards/sheets Flex-time Hourly Overtime definition: - PowerPoint PPT Presentation
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The Shrinking Paycheck
Consumer Math 2012-2013
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Overview
• Gross Pay• Taxes• Deductions• Net Pay• Examples/Calculations
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Gross Pay
• Salary– Usually ____ hours per week (Full-time)– Get the job done (no overtime)– Commission– Time cards/sheets– Flex-time
• Hourly– Overtime definition:– Overtime = Hourly Rate * _____
• Piecework
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Types of Taxes• Federal Taxes
– http://www.irs.gov/pub/irs-pdf/p15.pdf– F.I.C.A. – Federal Insurance Contributions Act
• Social Security & Medicare• http://www.ssa.gov/oact/progdata/taxRates.html
• State Taxes– S.U.I. – State Unemployment Insurance– W.F./S.W.F. – Work Force Development– F.L.I. – Family Leave Insurance
• http://lwd.dol.state.nj.us/labor/employer/ea/rates/ea2012.html– T.D.I. – Temporary Disability Insurance– http://www.state.nj.us/treasury/taxation/pdf/current/njtaxratesch.pdf
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Calculations For Taxes (2012)• Taxes Come out of Earned Income
Earned Income = Gross Pay - ______________• Rates & Examples Assume Single, 0 Exemptions• Federal – Follow Charts
– http://www.irs.gov/pub/irs-pdf/p15.pdf– F.I.C.A.
• Social Security (4.2% - pending 6.2%)• Medicare (1.45%)
• State – Follow Charts (2011)– Max: $30,300 Worth of Salary
• S.U.I. – (0.3825%)• F.L.I. – (0.08%)• T.D.I. – (0.2%)
– W.F.D./S.W.F.D. – (0.0425%)– http://www.state.nj.us/treasury/taxation/pdf/current/njtaxratesch.pdf
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Federal Taxes
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Federal Taxes
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State Taxes
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Deductions
• Health Insurance Premiums– Medical, Dental, Eyecare
• Life Insurance Premiums• Retirement Plan contributions (401k Plan)• Employee Stock Purchase Plans– ESPP and ESOP
• Meals, Uniforms, Union Dues, & Other Job Related Expenses
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