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
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
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
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?)