Paychecks

by Brad Worthington

Direct Deposits

  • Your Employer automatically places your paycheck into a despository institution account
  • Most safe way to hand a paychek because it is done online
  • You also know exactly when your paychek will be deposited and avialable


Deductions

  • This is the amount of money that is taken out of your paycheck
  • They are usually taxes, medical, or retirement benefits
  • They make you frustrated that you don't get all of the money in your paycheck


Retirement Plan

  • It's the amount that you contribute to your retirement plan
  • You need to start saving for this so you end up with a lot of money to retire
  • Deduction is based on a certain percentage of your gross pay


Form W-4

  • Used to determine the percentage of gross pay withheld for taxes
  • Can be in two ways: Allowance and Dependent
  • You rely on the taxpayer for financial support if dependent
  • Allowance determines the amount of federal taxes withheld from the paycheck