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Daily Information 3/10/14

Daily Information 3/10/14. 3/10/2014. Agenda: Warm Up Student P.P. Word Cloud Getting Paid P.P. Student notes Getting Paid Math Exit Ticket. Warm Up: How much money does a person need? Record all your expenditures from the weekend in your budget. Objectives:

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Daily Information 3/10/14

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  1. Daily Information 3/10/14 3/10/2014 • Agenda: • Warm Up • Student P.P. • Word Cloud • Getting Paid P.P. • Student notes • Getting Paid Math • Exit Ticket • Warm Up: • How much money does a person need? • Record all your expenditures from the weekend in your budget. • Objectives: • Identify items that are listed on a paycheck stub. • Differentiate between gross and net income.

  2. Getting Paid Chapter 2 Lesson 2

  3. Types of Income *** Earned Unearned Interest Dividends(cash and stock) Pension • Wage/Hourly • Salary • Tip • Commission

  4. Salary vs. Hourly Would you rather be paid a salary or hourly wage?

  5. Payroll deductions Mandatory Optional

  6. Pay Check Deductions *** Mandatory Deductions Optional Deductions Health Insurance Life Insurance Disability Insurance Retirement Plan • Federal income tax • State income tax • Local income tax • Social Security Tax • Medicare Tax

  7. Federal Income Tax How do you benefit from paying taxes? Largest required deduction

  8. What is Social Security? • Income for: • Retirees • People with disability • 6.2% • Paid by each worker and matched by employer

  9. What is Medicare? • Helps pay for health care for individuals 65 and older • 1.45% • Paid by each worker and matched by each employer

  10. How Employers Further Support Employees *** Both required at no cost to the employee

  11. How Employers Further Support Employees *** • Pay without work (vacation, sick, personal) • Perks (emotional satisfaction or social status) • Educational Benefits • Retirement Plans • Insurance Through Benefits: Forms of pay other than salary or wages Increase the overall value of disposable income

  12. What is a pay stub? Why is it important to review your pay stub? Pay stub - outlines the deductions made to wages

  13. Pay Stub

  14. Pay Stub

  15. Pay Stub Gross income Net income

  16. Pay Stub

  17. Pay Stub What are examples of deductions?

  18. Pay Stub

  19. Pay Stub

  20. Summary: Critical Information

  21. Daily Information 3/12/2014 3/12 Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts Warm Up: How do you calculate gross pay if you are an hourly employee? Enter expenditures in student budget. • Agenda: • Warm-up • Exemptions and Self-Employment P.P. • Taboo game • Getting Paid Math • Reinforcement activity

  22. Daily Information 9/29/2014 3/12 • Objectives: • Describe how exemptions claimed on the W4 form effect taxes. • Discuss the advantages and disadvantages of self-employment • Agenda: • Warm-up • Exemptions and Self-Employment P.P. • Taboo game • Reinforcement activity Warm Up: What is the difference between the W2 and W4 form.

  23. Chapter 2 W4 Form Filing Taxes Self Employment

  24. Starting a New Job Form W-4 • Employee’s Withholding Allowance Certificate • Determines the amount of money withheld for taxes

  25. Form W-4 Allowances

  26. Allowances Individuals may change their Form W-4 at any time

  27. W-4 Form Federal and State income taxes are withheld according to income and amount of exemptions/Allowances claimed on the W-4 form • Exemption = Allowances = Dependent(a person that depends on you for more than half of his or her support) • Income tax breaks that reduce your taxable income • More exemptions claimed = less tax withheld • Can claim one for yourself (unless claimed by someone else) • Married people with children can claim more exemptions

  28. Exemptions Assume each exemption is worth $3,700 • Remember, you may claim yourself as an exemption, your spouse, and all children • Calculate the amount of exemptions for the Bell Family

  29. The Bell Family Husband: Marty, salary $85,000 Wife: Katie, salary $65,000 Children: Jules, Patty, and Sue • Total family income: • 85,000 + 65,000 = 150,000 • Subtract total exemptions: • 5 X 3,700 = 18,500 • Total taxable income: • 150,000 – 18,500 = 131,500

  30. Filing Taxes • W-2 form: used to report taxable income during the calendar year • 1040EZ form: short tax return designed for single and joint filers with no dependents • E-filingresults in refunds received much more quickly than a paper return

  31. Self-Employment

  32. Slide 32 Types of small Businesses • Lifestyle businesses • Stays small and exists for the life of the owner • Venture businesses • Continues to grow to become a corporation • Continues after the life of the owner

  33. Taboo The object of Taboo is for a player to have his/her team guess the term at the top of a Taboo card by describing the term without using any of the words listed underneath it. www.online-stopwatch.com

  34. Homework First page of “Getting Paid Math”

  35. Daily Information 3/17/2014 3/12 Warm Up: If you have not already done so, calculate your bi-weekly gross pay based on your annual income for the career project. Ex) 62,000/26 = $2,384.62 Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts • Agenda: • Warm-up • Study Guide • Project: Career, Resume

  36. Daily Information 3/18/2014 3/12 Warm Up: Quiz Today!! Take out your study guide and review. Update your student budget with any changes. Objectives: 1. Discuss the advantages and disadvantages of self-employment 2. Calculate net and gross pay amounts • Agenda: • Warm-up • Ch2 Quiz • Project: Career, Resume, Paycheck

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