Paychecks and Benefits

There is nothing quite as exciting as receiving your first paycheck--money earned for work performed! Unfortunately, what you agreed to work for, whether an hourly wage or a monthly salary, will not be the amount of your check. Deductions, both required and optional, will be taken.

This unit explains the deductions and what they mean, together with employee benefits and different options. You will also discover the purpose and role of unions and professional organizations in your work life. With this unit, you will begin to focus on money management as you explore the financial aspects of your job--from the paycheck to the parking space.

 

Step One - Paychecks and Benefits Vocabulary (print & practice vocab)

Step Two - Employment Forms - Employee's Withholding Allowance Certificate (Form W-4) and Employment Eligibility Verification (Form I-9) - View this presentation.

Assignment: download these forms and fill them both out and turn in

Step Three - Understanding your paycheck and pay stub

Assignment B: Watch this PowerPoint Getting Paid Note Taking Guide and complete this worksheet (show me)

Step Four - What is Gross Pay, Net Pay, and Overtime Pay?

Assignment A: The amount is determined by how you fill out the W-4 form prior to beginning a job.  The more allowances a person claims, the less the amount of federal withholding income tax the employer will withhold (deduct) from gross pay. PowerPoint Presentation and then complete this Note Taking Guide (Show me)

Payroll Taxes and Federal Income Tax Withholding Tutorial (Module #1) - Take the assessment

Assignment B: Figure the amount of Gross Pay in this worksheet.

Assignment C: Complete this quick time card (Show me) Use this image to help.

Step Five

Currently there are only 7 states do not have state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.

Assignment A: Watch Calculating federal taxes and take-home pay and Calculating state taxes

Assignment B: Open the Circular E (Employers Tax Guide) and find the tax table to complete the Deductions from Gross Pay worksheet - on file cabinet

Step Six - Benefits

Review some benefits offered by employers

Employer provided benefits

Assignment - Research 3 different companies and the benefits that are offered in Clare or Mt. Pleasant. Suggested sites: Monster.com, salary.com, or About.com