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Financial Literacy

Financial Literacy. Part of the Career Management Course for WBL Students. Your Paycheck. Payroll and Taxes Deductions. What do you know?. _______ is the total amount of person’s or company’s income before any taxes and deductions are taken out.

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Financial Literacy

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  1. Financial Literacy Part of the Career Management Course for WBL Students Sharon F. McPherson PJHS Smart Start

  2. Your Paycheck Payroll and Taxes Deductions Sharon F. McPherson PJHS Smart Start

  3. What do you know? • _______ is the total amount of person’s or company’s income before any taxes and deductions are taken out. • ______ is the sum of all financial records of salaries, wages, bonuses, and deductions. • _____ is the amount of income received after taxes and deductions have been taken out. Sharon F. McPherson PJHS Smart Start

  4. What is a Payroll? A payroll is the sum of all financial records of salaries, wages, bonuses, and deductions The information from your employer’s payroll is used to generate your paycheck. Sharon F. McPherson PJHS Smart Start

  5. Paychecks • Your paycheck may be a paper document or an electronic transfer known as a direct deposit. • It is calculated on a document known as a play slip. Sharon F. McPherson PJHS Smart Start

  6. How is my paycheck calculated? Gross Income Less: Deductions Net Income Your pay slip sets forth a statement of your earnings: Sharon F. McPherson PJHS Smart Start

  7. What is Gross Income? The total amount of person’s or company’s income before any taxes and deductions are taken out. Sharon F. McPherson PJHS Smart Start

  8. What Taxes? • Federal and State Incomes Taxes • City/Local Income Taxes • FICA: • Social Security • Medicare Sharon F. McPherson PJHS Smart Start

  9. What Deductions? Deductions include: • Group Health Insurance • Retirement/Pension contributions • Charitable contributions • Miscellaneous such as union dues Sharon F. McPherson PJHS Smart Start

  10. What is Net Income? The amount of income received aftertaxes and deductions have been taken out. Sharon F. McPherson PJHS Smart Start

  11. Equation Gross Income Less Taxes Less Deductions Equals Net Income Sharon F. McPherson PJHS Smart Start

  12. Understanding Check Lonnie Flanagan's weekly gross income is $1,250. Each week she has $64.37 in deductions, plus state tax of two percent of her gross pay, and Social Security and Medicare taxes of 7.65 percent of her income. What is her net income? A) $185.00 B) $1,058.79 C) $1,065.00 D) $1,435.00 Sharon F. McPherson PJHS Smart Start

  13. The Answer A) $185.00 B) $1,058.79 C) $1,065.00 D) $1,435.00  Sharon F. McPherson PJHS Smart Start

  14. What did you know? • Gross Income is the total amount of person’s or company’s income before any taxes and deductions are taken out. • Payroll is the sum of all financial records of salaries, wages, bonuses, and deductions. • Net Income is the amount of income received after taxes and deductions have been taken out. Sharon F. McPherson PJHS Smart Start

  15. Assignment Go to the following website and click on Lessons-Exam 2 for more information on taxes and deductions: http://ww2.nscc.edu/Math1075-100/lessons.htm Sharon F. McPherson PJHS Smart Start

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