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Income and Taxes ch . 8 p.191

Income and Taxes ch . 8 p.191. income - money you earn from work taxes - money deducted from your paycheck that goes to the government. Types of Pay. Commission- a fixed % given to employee in exchange for making a sale Jobs- Tips given to an employee by customers jobs. Salary-

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Income and Taxes ch . 8 p.191

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  1. Income and Taxesch. 8 p.191 income- money you earn from work taxes- money deducted from your paycheck that goes to the government

  2. Types of Pay Commission- a fixed % given to employee in exchange for making a sale Jobs- Tips given to an employee by customers jobs • Salary- same amount each pay period per year Jobs: • Wages- paid by the hour • Jobs

  3. Benefits Paid holidays Vacation Sick leave Maternity leave (paid time off for raising a new born baby) • Health Insurance • Pension (retirement)

  4. Employment Classifications Temporary job short assignments Contract job hired for a specific period to complete a project • Full time job- between 35-40 hours a week • Part-time job less than 35 hours a week

  5. difference between salary and wages salary wages You are paid per hour You are paid for overtime • you are paid the same amount every week • No overtime

  6. When might an employee be paid less than minimum wages? Which job is better? $10 per hour with no benefits Or $7 per hour with benefits? • temporary job

  7. Direct Deposit • Paycheck is sent directly to the bank, and deposited in your checking or savings account

  8. Paystub-part of the check that shows deductions

  9. Four types of tax withholdings (deductions) • Federal tax- 15%-20% • State tax-3% • Social Security (FICA)-6.2% -collect monthly check when you are 67 years old -You must work and contribute to SS for at least 10 years • Medicare Tax-1.45% -pays for medical bills when you turn 65 • Gross pay $100 • Deductions - $ 30 • Net Pay= $ 70

  10. W-4 Form-how many people do you support including yourself?

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