Total Points Earned35 Total Points Possible
Percentage
Understanding Your Paycheck EssentialsName
Date
Class
Employment Forms
What is the purpose of the Form W-4?
How does a Form W-4 relate to income taxes?
What are taxes?
What is the largest category of taxes citizens pay?
What is an item or service that you use every day that is paid for by taxes?
Illustrate howemployers determine how much money to
withhold from anemployees paycheck to pay federal income tax.
Amount of federal income tax withheld
from paycheck
What is the Form I-9?
Payment Methods
Advantages:
What is a paper paycheck? Characteristics:
Disadvantages
Advantages:
What is direct deposit? Characteristics:
Disadvantages
Advantages:
What is a payroll card? Characteristics:
Disadvantages
Which payment method would work best for you? What is a pay period?
Reading a Paycheck Stub
Summarize each section of the paycheck stub below.
Personal Information
Pay Period
Gross Income
Net Income
Payroll Withholdings
Federal WithholdingTax
State Withholding Tax
FICA
Social Security
Medicare
Retirement Plan
Medical
Year-to-Date
7.13.2.A2Worksheet
Advantages and Disadvantages ofPayment Methods
Paper Paycheck
Direct Deposit
Payroll Cards
© Family Economics & Financial Education – October 2010 – The Essentials to Take Charge of Your Finances –Understanding Your Paycheck Essentials– Page 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Sample Paycheck Stub7.13.2.E1Resource
On-The-Go
EmployeeBeakens, Joe
Employee Identification201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type- Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or SocialSecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2004-7/11/2004
© Family Economics & Financial Education – October 2010 – The Essentials to Take Charge of Your Finances –Understanding Your Paycheck Essentials– Page 14Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona