review. a warren hills company employee ssn 196-75-6854 check # 268 check amount $ employee address...

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My Future Paycheck Review

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  • Slide 1
  • Review
  • Slide 2
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrent Year-To- Date $ Federal Withholding State Withholding Social Security Medicare Medical 401K $ $62.09 $10.00 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 3
  • Calculate Your Paycheck Calculations Yearly Gross Salary $62,000 Deductions Federal Taxes See Federal Tax Rates below Formula = ((annual salary - the amount in step 1) * Step 2 %) + Step 3 amount State Taxes See NJTax Chart below Formula = (annual salary * Step 1 %) - Step 2 your tax break
  • Slide 4
  • Calculate Gross Pay Figure out how much your bi-weekly gross pay will be (26 pays). Enter this number under the Pay Type- Gross Pay section. 62,000/26 = $2,384.62
  • Slide 5
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrent Year-To- Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ $62.09 $10.00 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 6
  • Federal Taxes RatesStep 3Step 2Step 1 If taxable income is over--But not over-- Tax Amount + % over $ $0$7,825$010%$0 $7,825$31,850$782.5015%$7,825 $31,850$77,100$4,38625%$31,850 $77,100$160,850$15,29928%$77,100 $160,850$349,700$39,14933%$160,850 $349,700no limit$101,469.2535%$349.70 Formula = ((annual salary - amount in step 1) * Step 2 %) + Step 3 amount
  • Slide 7
  • Gross Salary $62,000
  • Slide 8
  • Federal Taxes RatesStep 3Step 2Step 1 If taxable income is over--But not over-- Tax Amount + % over $ $0$7,825$010%$0 $7,825$31,850$782.5015%$7,825 $31,850$77,100$4,38625%$31,850 $77,100$160,850$15,29928%$77,100 $160,850$349,700$39,14933%$160,850 $349,700no limit$101,469.2535%$349.70 Formula = ((62,000- 31,850) *.25)+ 4,386
  • Slide 9
  • Calculating the Federal Withholding Formula = ((62,000- 31,850) *.25)+ 4,386 Step 1: 62,000-31,850 = 30,150 Step 2: 30,150 *.25 = 7,537.50 Step 3: 7,537.50 + 4,386 = 11,923.50 $11,923.50 is the annual federal withholding Step 4 = 11,923.50/26 = $458.60
  • Slide 10
  • Calculate Your Paycheck Calculations Yearly Gross Salary $62,000 Deductions Federal Taxes $11,923.50 See Federal Tax Rates below Formula = ((annual salary - the amount in step 1) * Step 2 %) + Step 3 amount State Taxes See NJTax Chart below Formula = (annual salary * Step 1 %) - Step 2 your tax break
  • Slide 11
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ $62.09 $10.00 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 12
  • Federal Withholding Year-to-Date Calculate your Year-To-Date figures based on this being your 15 th check since January 1, 2019. For example, $62.09 x 15 = $931.35. 458.60 * 15 = 6,878.94
  • Slide 13
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ $62.09 $10.00 $ 6,878.94 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 14
  • New Jersey Taxes RatesStep 1Step 2 If taxable income is over--But not over-- Multiply tax % by your income Subtract from Step 1 $0$20,000 0.04$0 $20,000$35,000 0.0175$70 $35,000$40,000 0.035$682.50 $40,000$75,000 0.05525$1,492.50 $75,000$400,000 0.0637$2,126.25 $400,000$500,000 0.08$8,646.25 $500,000$1,000,0000.1025$19,896.25 $1,000,000 Over $1,000,0000.1075$24,896.25 Formula = (62,000*.05525) - 1,492.50
  • Slide 15
  • Calculating the State Withholding Formula = (62,000 *.05525) 1,492.50 ) Step 1: 62,000 *.05525 = 3,425.50 Step 2: 3,425.50 1,492.50 = 1,933 $1,933 is the annual state withholding Step 3 = 1,933/26 = $74.35
  • Slide 16
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ $62.09 $10.00 $ 6,878.94 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 17
  • State Withholding Year-to-Date Calculate your Year-To-Date figures based on this being your 15 th check since January 1, 2019. For example, $62.09 x 15 = $931.35. 74.35 * 15 = 1,115.25
  • Slide 18
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ $62.09 $10.00 $ 6,878.94 $ 1,115.25 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 19
  • Calculate Social Security Gross Pay *.062 = 2,384. 62 *.062 = $147.85
  • Slide 20
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ $62.09 $10.00 $ 6,878.94 $ 1,115.25 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 21
  • Social Security Year-to-Date Calculate your Year-To-Date figures based on this being your 15 th check since January 1, 2019. For example, $62.09 x 15 = $931.35. 147.85 * 15 = 2,217.75
  • Slide 22
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ $62.09 $10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 23
  • Calculate Medicare Gross Pay *.0145 = 2,384. 62 *.0145 = $34.58
  • Slide 24
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 25
  • Medicare Year-to-Date Calculate your Year-To-Date figures based on this being your 15 th check since January 1, 2019. For example, $62.09 x 15 = $931.35. 34.58 * 15 = 518.65
  • Slide 26
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $931.35 $ Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 27
  • 401k Year-to-Date Calculate your Year-To-Date figures based on this being your 15 th check since January 1, 2019. For example, $62.09 x 15 = $931.35. 10.00 * 15 = 150.00
  • Slide 28
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $931.35 $ 150.00 Totals$$ Pay Period 7/11/2019-7/25/2019
  • Slide 29
  • Calculate Total Current Deductions 458.60 +74.35 +147.85 +34.58 +62.09 +10.00 787.47
  • Slide 30
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $ 931.35 $ 150.00 Totals$ 787.47$ Pay Period 7/11/2019-7/25/2019
  • Slide 31
  • Calculate Total Year-to-Date Deductions 6,878.94 +1,115.25 +2,217.75 +518.65 +931.35 +150.00 11,811.94
  • Slide 32
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $ 931.35 $ 150.00 Totals$ 787.47$ 11,811.94 Pay Period 7/11/2019-7/25/2019
  • Slide 33
  • Calculate Net Pay Gross Pay Total Current Deductions 2,384.62 787.47 = 1,597.15
  • Slide 34
  • A Warren Hills Company Employee SSN 196-75-6854 Check # 268 Check Amount $ 1597.15 Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $ 931.35 $ 150.00 Totals$ 787.47$ 11,811.94 Pay Period 7/11/2019-7/25/2019
  • Slide 35
  • Employee Write your name under the Employee section
  • Slide 36
  • A Warren Hills Company Employee Mrs. Frey SSN 196-75-6854 Check # 268 Check Amount $ 1597.15 Employee Address 105 Paycheck Lane Washington, NJ 07882 Pay Type- Gross Pay DeductionsCurrentYear-To-Date $ 2,384.62 Federal Withholding State Withholding Social Security Medicare Medical 401K $ 458.60 $ 74.35 $ 147.85 $ 34.58 $ 62.09 $ 10.00 $ 6,878.94 $ 1,115.25 $ 2,217.75 $ 518.65 $ 931.35 $ 150.00 Totals$ 787.47$ 11,811.94 Pay Period 7/11/2019-7/25/2019
  • Slide 37
  • My Future Paycheck Review your paycheck and make any corrections that are necessary. Write an essay on the back of your project, explaining how you calculated each deduction to ultimately find the net pay. Minimum of half the page written in sentence format.
  • Slide 38
  • Make sure to Include. Gross pay calculation (Why did you divide by 26?) Federal withholding calculation (annual vs. current) State withholding calculation (annual vs. current) Year-to-Date calculations vs. Current calculations (why did you multiply the current deductions by 15?) Total deductions (current vs. year-to-date) Net pay calculation (why do you subtract the current deductions and not the year-to-date deductions to find the net pay?)