what s in my paycheck
play

Whats In My Paycheck? compensation package: all of the wages - PDF document

Whats In My Paycheck? compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer wages: money paid or received for work or services completed, usually by the hour, day, or week hourly wage: the


  1. What’s In My Paycheck? compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer wages: money paid or received for work or services completed, usually by the hour, day, or week hourly wage: the amount an employee is paid by an employer for completing an hour of work nonexempt: classification of an employee who is paid on an hourly basis and is entitled to overtime pay generally at a rate of 1 1⁄2 times the hourly wage salary: wages an employee receives from the employer on a regular basis, usually weekly, bi-weekly or monthly. exempt: employee who is paid a salary rather than hourly wages and is not eligible for overtime pay What’s In My Paycheck? base pay: the basic rate of pay for a particular job not including overtime, bonuses, or commissions bonus: a sum of money given to an employee (usually one that is paid a salary) in addition to the employee’s usual wages; usually based on business or employee performance, not guaranteed commission: a fee paid to an employee or agent for providing a service, such as a sale variable pay: compensation that must be earned (such as commission) each time in order to be paid to the employee insurance: promised payment for specific, potential and/ or future losses in exchange for a periodic payment

  2. ������������� �� ������������������������������������������������� � �� ������� �� ������� ��������������������������������������������� � �� ���������������������������������������������������������������������� ������������� � � ������������������������������������������������������������������ �� ������������������������������������������������������������������� ��������������� � � �� ������� ���������������������������������������������������������� ���������� � ���������������������������������������������������������������� �� ������� ������������������������������������������������������������ �� ���������������������������������������������������������������������� Examples and Practice Read the two scenarios below and construct a spreadsheet that helps you Try It! answer the questions that follow. Create a spreadsheet that will calculate: �� What is the weekly pay for Job 1? �������������������������������������� �� What is the hourly wage for Job 1 including overtime hours? ������ �� What is the weekly pay for Job 2? ��������������������������������������

  3. �� ������� ������������������������������������������������������������ �� �� ������������������������������������������������������������������� �� ���������������������������������������������������������������������� � ���������������������������������������������������������������� �� ���������������������������������������������������������������������� � �� ������������������������������������������������� ������������� � ������������������������������������������������������������������ �������������������������������������� ��������������������������������������������� �������������������������������������� ���������� �� ������� ���������������������������������������������������������� � ��������������� �� � � � ������������� �� ������ �� ������� Your boss o fg ers you monthly bonus of $200 if you obtain fj ve new customers each month �� ������� Your boss o fg ers you a 3% commission for every dollar’s worth of product you sell. Examples and Practice Compare the two jobs by calculating: Try It! money for the year? that equate to throughout the year? these is a better paying job? Why?

  4. ��������� �� ������������������������������������������������������������������ ���������������������������� ������������������ ������������� �������� �� ������������������������������������������������������������������� �� ������������������������������������������������������������������������ Examples and Practice Read the two scenarios below and answer the questions that follow. Try It! ������� The employer will pay half of the monthly insurance premiums for your medical, dental and vision insurance. The total cost for these each month is $470. You get disability insurance at no cost and an amount of life insurance equal to one year’s salary at no cost. ������� The employer will pay 75% of the $500 monthly insurance premiums for your medical and dental insurance. You can purchase vision insurance for $5 per month. Your disability insurance costs $35 per month and the employer provides an amount of life insurance equal to the value of 1 ½ times your salary at no cost. Compare the two jobs by calculating: dental and vision insurance and all the other bene fj ts listed? medical, dental and vision insurance and all the other bene fj ts listed?

  5. What’s In My Paycheck? paid time off (PTO): time not worked by an employee for which the regular rate, a fixed or a prorated amount of pay, is accrued and paid to the employee sick leave: work for an employee temporarily unable to perform duties due to illness or disability profit sharing: a program in which the employer shares some of its profits with employees through stocks, bonds or cash What’s In My Paycheck? income taxes: percentage of your income, including wages, salaries, commissions and bonuses paid to the government each year gross pay: regular pay, overtime pay, and other taxable earnings paid to an employee during a pay period before any obligations, such as taxes, are deducted FICA: withholding: stands for Federal Insurance part of an employee’s wages or salary that is Contributions Act, a federal payroll tax withheld by the employer as partial payment paid by employers and employees to of the employee’s income taxes fund government programs that provide benefits to retirees net pay: remaining amount of pay after taxes, dependent: retirement contributions and other deductions someone (such as a child under 18) are made who relies on an adult for support

Download Presentation
Download Policy: The content available on the website is offered to you 'AS IS' for your personal information and use only. It cannot be commercialized, licensed, or distributed on other websites without prior consent from the author. To download a presentation, simply click this link. If you encounter any difficulties during the download process, it's possible that the publisher has removed the file from their server.

Recommend


More recommend