Paycheck
What is the amount that you make from working called?
Gross Pay
Who do you pay taxes to?
Federal and Local government
Name the three main ways to get paid
Hourly, Salary, Commission
What type of pay is a job at McDonalds?
Hourly
I make $800 and pay 10% tax, how much is that?
$80
What is the amount you take home called, after deductions and taxes?
Net Pay
What is social security?
A government retirement system
Name an advantage of hourly
Overtime
What type of pay is a teacher?
Salary
I make $1000, and I pay 15% tax, how much is that?
$150
What is a deduction?
Health, Retirement, Insurance, etc.
What is medicare?
Health insurance to help people that can't afford it
Name a disadvantage of commission?
No work no pay
What type of pay is a car salesman?
Commission
I make 10,000 and pay 20% tax, how much is that?
What does YTD stand for?
Year To Date
If I make $800 and I lose 1/4 of that to taxes, how much money do I take home after taxes?
$600
Name an advantage of salary
Paid when you miss work
What type of pay is a waiter or waitress?
Hourly and Commission
I make $100,000, and I pay 30% tax, how much is that?
$30,000
If I make $10 an hour, how much do I make for a year if I work 40 hours a week?
$20,800
What is the highest tax bill on everyone's paycheck?
Federal Income Taxes
Which one is better? If all work the same 40 hour week. And work 52 weeks a year.
A. Salary of $50,000 B. Hourly rate of $22.00
C. Commission of $950 a week.
A. Salary of $50,000
What type of pay is better? Commission, Hourly, or Salary
All of them can be. Depends on what the job is, hours worked, and how much you make.
I make $1,000,000, and I pay 23% in taxes, how much is that?
$230,000