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Form W-4: Understanding Your Paycheck Deductions

Learn about Form W-4, the most important form you'll fill out at work, and how it affects your take-home pay. Discover common paycheck deductions and calculate your net pay. Find out how to get paid through direct deposit or a paycard. Stay informed about minimum wage requirements in your state.

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Form W-4: Understanding Your Paycheck Deductions

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  1. Presented by: Insert Name(s)

  2. First Day of Work What is Form W-4? • Most important form you’ll fill out at work. • Affects how much money you take home in each paycheck. • Understand it and fill it out correctly.

  3. PAYDAY What are all these deductions from my paycheck? GROSS PAY The total amount of money earned before any deductions are made. NET PAY The amount left after all deductions are taken out of the gross pay.

  4. Filling Out Form W-4 Example: You are single with one job

  5. Do you need help with your W-4? Visit www.NationalPayrollWeek.com

  6. Worksheet 1

  7. Questions 1. What is gross pay? The total amount of money earned before deductions are made. 2. What is net pay? The amount you earn after all deductions are made from gross pay. 3. True or False? Your paycheck= Total hours worked x rate of pay? False, deductions must still be made.

  8. Questions • Social Security tax • Medicare tax • Federal income tax • State income tax • Local income tax • Life insurance • Disability insurance • Medical insurance • Dental insurance • Retirement savings plan • Contributions to charity Continued 4. Name 2 mandatory deductions. 5. Name 3 other deductions.

  9. Calculating Paycheck #1 Imagine you are a new employee at a Gourmet Coffee Shop. • Employees at the coffee shop are paid weekly. • You’ve claimed single and one allowance on your Form W-4. • You’ve worked 40 hours this week at $11/hour.

  10. Calculating Paycheck #1

  11. Calculating Paycheck #2 Imagine you are a new assistant manager at a Gourmet Coffee Shop. • Employees at the coffee shop are paid weekly. • You’ve claimed single and zero allowances on your Form W-4. • You’ve worked 40 hours this week at $12/hour.

  12. Calculating Paycheck #2

  13. Getting Paid Go Green With Your Green 1. Use Direct Deposit 2. Don’t have a bank account? Ask your company to pay you with a Paycard.

  14. Questions 1. Should Bobby ask to be paid differently if he opens a bank account while working for the coffee shop? Yes, he should ask to be paid by direct deposit. 2. Valerie just opened a bank account and startedworking for a local restaurant that offers paycards and direct deposit. How should she ask to be paid? Direct deposit

  15. Questions Continued 3. Emily doesn’t have a bank account, but her boss says she can only be paid by paycard or direct deposit. How should she ask to be paid? Paycard

  16. Minimum Wage • The federal minimum wage is $7.25 per hour. What state do you live in? • If you live within one of those 29 states or the District of Columbia, you get paid the higher state amount.

  17. Minimum Wage Continued

  18. Log on towww.NationalPayrollWeek.comfor more information.

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