Most important form youll fill out at work
- Slides: 17
• 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.
What are all these deductions from my paycheck? The total amount of money earned before any deductions are made. The amount left after all deductions are taken out of the gross pay.
Deduction What do you get? Who pays? Federal income tax Funds services provided by the federal Employee government, such as defense, human services, and the monitoring and regulation of trade. Employee State income tax Funds services provided by state Employee government, such as roads, safety, and health. (Not all states have an income tax. ) Local income tax Funds services provided by the city or other local government, such as schools, police, and fire protection. (Not all areas have an income tax. ) Employee FICA: Social Security tax Provides for old-age, survivors, and (also known as OASDI) disability insurance benefits. Employee and employer FICA: Medicare tax (also known as HI) Employee and employer Provides health insurance for retirees and certain disabled persons.
Deduction Life insurance What do you get? Who pays? Pays a beneficiary in the event that an employee dies. Employer or employee, or shared Short- and long-term Provides benefits in the event that an disability insurance employee is disabled. Employer or employee, or shared Medical insurance Employee and family insurance coverage for medical care expenses, including hospitalization, physician services, surgery and major medical expenses. Employer or employee, or shared Dental insurance Employee and family insurance coverage for dental care expenses, including preventive, diagnostic, basic, major and orthodontic services. Employer or employee, or shared
Continued Deduction What do you get? Who pays? Retirement savings Normally, a tax-deferred savings plan for retirement. Employer or employee (Employer may match) Charity Employee (Employer may match a percentage of employee’s contribution) A donation to a specific charity.
Example: You are single with one job
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.
Continued 4. Name 2 mandatory deductions. • Federal income tax • Social Security tax • Medicare tax • State income tax • Local income tax 5. Name 3 other deductions. • Life insurance • Dental insurance • Disability insurance • Retirement savings plan • Medical insurance • Contributions to charity
Imagine you are a new employee at Foo Gourmet Coffee Shop. • Employees at Foo are paid weekly. • You’ve claimed single and one allowance on your Form W-4. • You’ve worked 40 hours this week at $9/hour.
Imagine you are a new assistant manager at Foo Gourmet Coffee Shop. • Employees at Foo are paid weekly. • You’ve claimed single and zero allowances on your Form W-4. • You’ve worked 40 hours this week at $9. 50/hour.
A federal minimum wage increase was adopted by the federal government in 2007. The increase has occurred in 3 steps:
1. Use Direct Deposit 2. Don’t have a bank account? Ask your company to pay you with a Paycard. 3. Use IRS e-File For more on how you can ‘Go Green’ with your green, visit www. nationalpayrollweek. com.
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