pay periods use show
TRANSCRIPT
So when do we get paid?
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Quick Review
A Year has….52 weeks. A Year has…12 months. A Year has 365 days.
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Terminology
GROSS PAY NET PAY Total money
employee earns before taxes & deductions are removed.
Total money that an employee takes home after deductions & taxes are removed.
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Self Employed-How Do I Get PAID
Self-employed people must be sure to take out the deductions for Social Security & Medicare taxes—just as if they were working for a regular employer.
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Annual Salary
Some jobs or careers pay the individual an annual salary.
This is the total gross amount that you will be paid for the year and it can be divided in a variety of ways.
For example a teacher might have an annual salary of $30,000. Most teachers are paid 1 check per month.
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Weekly PaySome businesses will pay weekly basis. This would mean you would receive 52 checks in a year.
If you are paid $7.50 an hour and work 35 hours your gross check would be $262.50
If you always work 35 hours a week your annual salary based on this wage would be $262.50 x 52 weeks=$13650. Click
Getting your money!
If you are paid bi-weekly you are getting paid every other week.
26 checks in a year (52 weeks divided by 2).
IF you are paid an annual salary, such as $30,000 you would divide $30,000 by 26 to determine what your check amount will be. In this case your gross check would be $1153.84 every two weeks.
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Getting your money! If you are paid semi-monthly you are
getting paid twice a month.
24 checks in a year. Usually you will be paid on the 15th & the 30th.
IF you are paid an annual salary, such as $30,000 you would divide $30,000 by 24 to determine the gross amount. In this case your check would be $1250 two times per month.
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Overtime Pay
Employees covered by the Fair Labor Standards Act (FLSA) must receive overtime pay for hours worked in excess of 40 in a workweek of at least one and one-half times their regular rates of pay.
If you have questions about overtime pay visit the US Department of Labor website.
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Cold Hard Facts
When someone offers an annual salary or even an hourly wage; It is important to remember that taxes and other deductions have not been taken into account. This is called your GROSS Salary. Deductions are subtractions from your pay-some are by your choice such paying into a 401K/retirement plan. Others are required by law. The actual amount of your check, after deductions is called your NET pay.
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Cold Hard Facts
Keep track of all pay stubs so you are able to compare it to your W-2 when it arrives in January. You want to be sure numbers match up with what the business has reported to the IRS for you.
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Always know when you are going to be paid. Only YOU can keep track of your money!
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