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Objective: You will learn what deductions come out of your paycheck

Learn deductions from paychecks, make best choice for new employee between two payment options, understand forms needed for job start, read pay stubs, and review various payment methods.

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Objective: You will learn what deductions come out of your paycheck

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  1. Objective: You will learn what deductions come out of your paycheck An employee starting a new job has the option to choose how he is paid for the first twenty days of work. He works five days a week, for four full weeks. Make the best choice for the new employee after comparing the two options. Then, justify your answer. Payment Option 1: For the first twenty days of work, the new employee will be paid $500 a day. Payment Option 2: The pay will be $0.01 for the first day. Each day the pay will double. So, it will be $0.02 the second day, $0.04 the third day, $0.08 the fourth day, etc. By the end of twenty days, how much money will the employee have made?

  2. Double the Salary

  3. Solution Payment Option 1: $500.00 a day * 20 days = $10,000.00 Payment Option 2: This is a better choice for the new employee as he will be making $10,485.75 This is $485.75 more than if he would have chosen Payment Option 1

  4. Journal • Today I learned… • I still don’t understand…. • When I get paid, I hope…

  5. You will learn about forms needed to begin a new job • From the video yesterday, what are the taxes that come out of your paycheck used for? What other things might be deducted from your paycheck?

  6. Journal • What is a W-4? How does the way you fill it out affect your pay?

  7. You will learn how to read a pay stub • Get a handout from the front of the room. Complete it.

  8. You will learn how to read a paycheck and characteristics of payment methods • Get a handout from the front of the room. Complete it.

  9. You will learn how to read a paycheck and characteristics of payment methods • What two forms must an employee complete when beginning a new job? • What documentation must be provided to complete a form I-9? • What does the form W-4 determine? • What information is provided on form W-2? • How much money was earned and paid in taxes throughout the previous year • Form W-4 and Form I-9 • Amount of gross income which will be withheld for taxes • Drivers license, social security card, military ID card, birth certificate

  10. Journal • If you had the choice, which method of payment would you choose, a payroll card, direct deposit, or a paycheck? Why would you choose that!

  11. You will learn how to read a paycheck and term associated with a pay stub • Get a handout from the front of the room. Complete it.

  12. Ways of Getting Paid • Employers directly deposit an employee’s paycheck into his/her bank account and send the employee the pay stub. • Electronically carries the balance of the employee’s net income • What are the tree methods discussed that an employer might use to pay his/her employees • The length of time for which an employee’s wages are calculated • Payroll Card • Paycheck, direct deposit, payroll card • Pay period • Direct Deposit

  13. Journal • What would be higher, your net pay or your gross pay? Explain why.

  14. You will practice reading a pay stub • Get a handout from the front of the room. Complete it.

  15. You will practice reading a pay stub • When reading a paycheck 3 things I should always remember are …

  16. You will review for a quiz tomorrow • Get a handout from the front of the room and complete it.

  17. Taxes • What two tax forms are represented within FICA? • Services our tax dollars are used for? • Required charges of citizens by local, state, and federal governments • What does social security fund? • Social Security and Medicare • Nations Retirement Program • Police, schools, roads, emergency services, government agencies, etc. • Taxes

  18. Journal • Tonight for my test, I need to review_________ because_____________

  19. You will take your test on Planet Paycheck • Get a handout from the front of the room and complete it.

  20. Paycheck Pros: Cons: Direct Deposit Pros: Cons Payroll Card Pros: Cons Payment Method Pros and Cons

  21. When you are finished • Turn in your test • Get a Depository Institution Discovery Handout • Read it and answer the questions in the text.

  22. Journal • Today on my test I __________________ • My favorite part of this unit was__________ • I will use the information I learned in this unit when I __________________

  23. Agenda • Get a graphic organizer • Watch the video • While you are watching the video, be sure to complete the graphic organizer. You will get a process grade for it. • Watch the video by clicking the link below. • https://www.youtube.com/watch?v=o4iYWixBLIM

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