keeping your job and employee pay benefits
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Keeping Your Job and Employee Pay Benefits. B ecoming Employed. W-4 Form. Employee’s Withholding Allowance Certificate Determines the amount of money your employer will deduct from your check for income taxes Must declare allowances or persons claimed - PowerPoint PPT PresentationTRANSCRIPT
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Keeping Your Joband
Employee Pay Benefits
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Becoming Employed
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W-4 Form Employee’s Withholding Allowance
Certificate› Determines the amount of money your
employer will deduct from your check for income taxes
› Must declare allowances or persons claimed The more claimed—less taxes are taken from
check
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Social Security Your personal identification number
› Be careful to whom you give it to As a tax
› Both employee and employer contribute› The amount contributed throughout
lifetime will be returned at retirement.
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W-2 Form Wage and Tax Statement
› Shows income earned during the year and all withheld amounts
› Employer must provide copy to employee by January 31
› Used to figure income taxes
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Employment Laws
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Social Security Act Enacted to provide federal aid for
elderly and disabled. FICA = Social Security Tax
FYI….in 2010, 54 million people were receiving Social Security benefits, while 157 million people were paying into the fund; of those receiving benefits, 44 million were receiving retirement benefits and 10 million disability benefits
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Unemployment Compensation
Provides benefits to workers who lose their jobs though no fault of their own.
Have to be actively looking for a job Can receive compensation for 26
consecutive weeks.
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Fair Labor Standards Act Aka Wage and Hour Act 1938 Established minimum wage Federal Minimum wage – State Minimum wage -
FYI…. In 1966, the minimum wage was $1.60.
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Gross Pay Total or agreed upon rate of pay before
deductions
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Hourly Wages When employee is paid for every hour
worked
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Overtime Full time hourly workers cannot work
over 40 hours a week without being paid overtime› Overtime rate is normally 1 1/2 times
regular rate of pay
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Monthly Salary Paid set amount per month Doesn’t matter how many hours
worked No overtime paid unless agreed upon
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Annual Pay Set pay for year divided into equal
amounts Overtime usually not paid
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Pay Periods Monthly – once a month
› 12 pay periods Biweekly – every two weeks
› 26 pay periods Semiweekly – two times a month
› 24 pay periods Weekly – every week
› 52 pay periods Which is best???
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Deductions Subtracted from gross pay Examples of required deductions
› Social security tax› Federal and state income tax
Examples of optional deductions› Insurance --Retirement› Savings accounts --loan
payments› Charity
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Net Pay Also known as Take Home Pay Gross pay minus deductions
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Employee Withholding Sheet
Required by law that explanation of pay computations be provided with each paycheck.
ie..check stub
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Benefits and Incentives Insurance Profit sharing Paid vacations Paid holidays Sick pay Bonuses Savings plans Travel expenses
Employee Services› Discounts› Rec programs› Tuition
reimbursement› Free parking
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Family Medical Leave Act 1993 Employers with 50 or more employees
must give up to 12 weeks unpaid leave per year for:› Birth or adoption› Care for spouse, parent, child with illness› Own illness
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Labor Unions Main function is to recruit new
members Not as strong as they have been in the
past
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Collective Bargaining Process of negotiating terms of
employment for union members
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Strike When union members refuse to work
until agreement is reached
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Professional Organization Associations for professionals that
establish professional standards Conferences offered Keep members up to date