You’re HiredNEW HIRE FORMS, BENEFITS, CIVIC ENGAGEMENT

W4 (Federal & State)Tax forms can be hard to fill out, especially the first few times.

Federal: Complete this form so that your employer can withhold the correct federal income tax from your pay.

State: so that you know how much state income tax to withhold from your wages.

As the number of your allowances increases, the amount of money withheld from your paycheck decreases.

you can turn in a new form as often as once a year or whenever you need to update your filing status.

I-9 Form

used for verifying the identity and employment authorization of individuals Both employees and employers must complete the form. On the form, an employee must attest to his or her employment authorization.

Need 2 forms of ID-very specific. (passport works for both, state id/birth certificate or social security card)

W2

what employer fills out for all employees.

total amount of money that has been withheld and put toward Social Security, Medicare, state, local and federal income taxes.

shows your annual earnings from wages and tips as well.

You’ll need your W-2 to complete your tax return

Usually comes by mail or online in January

Retirement Plans https://www.youtube.com/watch?v=ApHRfYA1A-Y

Pension plans are a “defined benefit” plan, ◦Employees are not asked to participate in these. The method used to calculate the

retirement benefit is usually based upon years of service and salary grade.

A 401K plan is a type of retirement plan in which the employee is responsible for funding his own retirement. This type of plan is also called a “defined contribution” plan. The “defined contribution” refers to the amount defined by the employer, which they will match, or fund on your behalf.

A Roth IRA is a special retirement account that you fund with post-tax income (you can’t deduct your contributions on your income taxes). ◦because every penny you stash in a Roth IRA is your money—not a tax-subsidized gift

from Uncle Sam—you can tap your contributions (but not your earnings on those contributions) at any time, tax-free and penalty-free.

Health Insurance

Health Insurance◦ a single trip to the emergency room or being diagnosed with a relatively common condition can

quickly turn into an overwhelming bill.

◦ Medical insurance helps cushion the blow.. It’s more likely you’ll pay a small percentage, and your employer will cover the rest.

Don’t forget to check into additional forms of health insurance as they apply to you:◦ Dental Insurance: This helps you keep your teeth healthy by covering preventive maintenance and

repair.

◦ Disability Insurance: This will help you pay the bills if you’re somehow temporarily or permanently disabled.

◦ Life Insurance: This covers the cost of your funeral if you die and, more importantly, provides for key loved ones you leave behind.

Flexible Spending Accounts A Flexible Spending Account is a special account you put money into that you use to pay for certain out-of-pocket health care costs.

You don’t pay taxes on this money. Employers may make contributions to your FSA, but aren’t required to.

FSAs are limited to $2,650 per year per employer. If you’re married, your spouse can put up to $2,650 in an FSA with their employer too.

You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse if you’re married, and your dependents.◦ You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.

◦ You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription.

◦ FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.

There are also child care flexible spending accounts

Other Benefits PTO-Paid Time Off◦Paid time away from work for vacations, holidays or illness.

Tuition Reimbursement◦Many organizations offer partial or even full tuition reimbursement for educational activities they see as benefiting not only you but also the organization as a whole.◦That’s the equivalent of being handed hundreds or even thousands of dollars.

Civic EngagementCIVIC PARTICIPATION IS THE WAY WE INVOLVE OURSELVES WITHIN OUR COMMUNITY. THE DEGREE TO WHICH WE ENGAGE OURSELVES RELATES TO HOW MUCH WE MAKE A DIFFERENCE IN THE LIVES OF THOSE AROUND US. IT IS ACTIVE INVOLVEMENT THAT FOCUSES ON THE COMMON GOOD. THIS INVOLVEMENT CAN TAKE PLACE ON A NUMBER OF DIFFERENT LEVELS RANGING FROM OBEYING THE LAWS OF YOUR COMMUNITY TO HELPING MAKE THE LAWS.

Voter Registration/Selective Service What you need to register:◦ Have a valid Indiana Driver's License or Indiana State Identification Card.◦ Be a citizen of the United States.◦ Be at least 18 years old on or before the next general, municipal or special election. (A 17-year-old may register and vote in the

primary election if the voter turns 18 on or before the next general or municipal election.)◦ Have lived in your precinct for at least 30 DAYS before the next general, municipal, or special election.◦ Not currently imprisoned after being convicted of a crime.

https://indianavoters.in.gov/ http://wayeo.egis.39dn.com/

Selective Service: ◦ Almost all male U.S. citizens and male immigrants, who are 18 through 25, are required to register with Selective Service.

It's important to know that even though he is registered, a man will not automatically be inducted into the military. In a crisis requiring a draft, men would be called in a sequence determined by random lottery number and year of birth. Then, they would be examined for mental, physical, and moral fitness by the military before being deferred

https://www.sss.gov/Registration/Register-Now/Registration-Form

Time & Money Management2 VERY IMPORTANT KEYS TO SUCCESS

Time Management Activity, create this calendar on a sheet of paper in groups of 2-3

Calendar Creation/Task List◦ You have class Tuesday & Wednesday nights from 6-9pm

◦ You Work at internship Tuesday, Wednesday 10am-5pm and Friday 10am-2pm

◦ You Work another job Monday 4-12pm, Saturday & Sunday 8am-4pm

◦ Your significant other works Wednesday, Friday, Sat, & Sun 4pm-1am

◦ Your significant other has class Tuesday/Thursday from 10am-6pm

◦ Your son is in Kindergarten Mon-Fri 9am-3:30pm

◦ Your daughter is 3 years old

Questions To figure out from the calendar When do you see kids

When does your significant other see kids

When do you need a babysitter for daughter

When do you and your significant other do homework

When can you relax

Who takes/picks up your son from school

Why is it important to do this?????What happens if you don’t do this????

Money Management the process of knowing where your money is going now and having a plan in place for where you want it to go in the future.

Convert this hourly salary $ 7.25 10.00 12.00 15 20

◦ Weekly:

◦ Bi-Weekly:

◦ Monthy:

◦ Yearly:

What is gross pay?

What is net pay?

What all do you have to pay for in a month? Can you do that with $10/hr?

Paycheck Definitions

Gross: Earnings before deductions

Net: Earnings after deductions

Current: Pay period earnings

YTD: Year-To-Date

REG: regular hours worked

OT: overtime hours worked

VAC: vacation time paid

SICK or FL: sick or family leave time paid for

FICA: Employee's portion of Social Security paid

FICA-MED: Medicare deductions

SWT or Fed: Federal withholding Income Tax deductions

SWT or State: State Tax withheld

LT or Local Tax: County and/or City Tax deductions

WC or Work Comp: workman's comp contribution, usually paid by employer

INS or MED: insurance or medical savings account deductions

Life: life insurance deductions

401K or Ret: tax deferred retirement contribution

Garnish: garnishment being taken from employee's check due to money owed

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=X68sead4BybSiM&tbnid=ovprxn9JDKi73M:&ved=0CAUQjRw&url=http://nationalpriorities.org/analysis/2012/taxday-2012/taxes-and-your-paycheck/&ei=f5ZAUur_M8msqQHY5oG4Dw&bvm=bv.52434380,d.aWM&psig=AFQjCNFirhrXs4kERKzd9EjF2RY8lMJ29w&ust=1380050921239568

Credit Report “You are what you owe, what you buy, and how timely you pay your bills.” BE PROACTIVE

Credit Report: record of what you owe, what you’ve paid, late payments, etc.

Credit Score: tells if you are a good credit risk or not, high score v. low score ◦ Excellent 720+

◦ Good 680-719

◦ Average 620-679

◦ Poor 580-619

◦ Bad 500-579

3 Agencies have to give you free report each year◦ www.Annualcreditreport.com

How to develop how to controlgreat credit your credit Get credit

Use it

Pay it off every month

Monitor

Maintain

Repair

If you have poor credit, you can repair it by paying on time, paying off outstanding balances, negotiate with creditor,

Budgeting- “Like its cousin diet, the word budget is often used but rarely implemented”

Your ticket to freedom◦ Know your income

◦ Track your spending

◦ Find out where your money goes◦ Fixed Expenses: occur regularly, same amount/same time EXAMPLES…◦ Variable Expenses: vary in amount/time EXAMPLES….

◦ Fix leaks ◦ non essentials, fees, high interest cards, convenience items, unused memberships, etc.

Tips

Live like you are poorer than you are

Eat at home

Live within your means

Shop smart

Pay with cash

“Is this necessary?”

Never get a “payday” loan

Never pay minimum payment

Assignment in packet BUDGET:

TAKE WHAT YOUR MAKING FROM THE JOB YOU RESEARCHED AND USE THAT AS THE BASIS OF YOUR BUDGET.

Fill in, add up and see if you make enough…if not, go back and make adjustments. If you have more left over, put that into your savings to make it equal 0.