How to you sort out a wage packed from the moment you look at it when you get paid for a job ?
-
Such as gross pay , Tax allowance , Net pay or loan. im workin part time.
-
Answer:
I am assuming you are talking about your pay stub. The pay stub is broken down as follows: Gross Pay -> This is your cumulative pay for the period of time that your pay check is for. So if you get paid bi-weekly and you are paid on an hourly basis, this would be for the number of hours you worked times the rate you are paid on an hourly basis. Federal Income Taxes -> This is Uncle Sam's cut of your pay check. This is usually calculated by taking your rate of pay and extrapolating it for an entire year. So, if you make $8 an hour, the way your federal taxes are calculated is that the federal government assumes you make $16,640 a year ($8 * 40 hours per week * 52 weeks per year). If you work less than that, you still have to pay out the full amount, but when you file your taxes you can get back the amount you overpaid. So if you work only 20 hours a week, your tax rate should be based off of $8,320 of wages. If you have something like a 401(k) at work, then the Federal Income Tax is calculated by taking your Gross Wages subtracting out the amount you contribute to your 401(k). Social Security Tax -> This is what goes to cover the social security system. This is based off of your gross wages. FICA -> This is is the acronym for the Federal Insurance Contributions Act. This act mandates that an employer withhold a set percentage of an employee’s salary each pay period. FICA also requires that the employer match the employee’s amount and contribute the money to a government account known as the Social Security Trust Fund. This fund provides retirement income, as well as disability insurance, Medicare, and benefits for survivors. State Taxes -> If you live in a state where there is state taxes (e.g. New York), this is next. Local Taxes -> If you live in a city where there are local employment taxes (e.g., New York City), this is next. Wage Garnishments -> If your paycheck is being garnished because of child support, lawsuit, etc., this is next. Loan -> If your company loaned you money, this is next. Net Wages -> This is what ultimately comes into your pocket.
TK421 at Yahoo! Answers Visit the source
Other answers
they said it
mr fugi
Related Q & A:
- How do I permanently block a user forever? I mean, find or enter the username, when the user isnt on my list?Best solution by Yahoo! Answers
- What do I do, when I get bitten by a mosquito?Best solution by Yahoo! Answers
- Do you get paid for doing job orientation?Best solution by Yahoo! Answers
- How hard is it making a career out of sports betting?do a lot of people manage okay and make a decent salary?Best solution by Yahoo! Answers
- What do I include in a resume when I've never had a job?Best solution by Yahoo! Answers
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.