Paycheck Basics

What two forms must an employee complete when

beginning a new job?

• Amount of money earned and paid

  in taxes throughout the previous

  year

• Form W‐4 and Form I‐9

• Amount of gross income which will be withheld for taxes

• Drivers license, Social Security card, Military ID card, birth certificate

What documentation must be provided to complete a Form I‐9?

• Amount of money earned and paid

  in taxes throughout the previous

  year

• Form W‐4 and Form I‐9

• Amount of gross income which will be withheld for taxes

• Drivers license, Social Security card, Military ID card, birth certificate

What does the Form W‐4 determine?

• Amount of money earned and paid

  in taxes throughout the previous

  year

• Form W‐4 and Form I‐9

• Amount of gross income which will be withheld for taxes

• Drivers license, Social Security card, Military ID card, birth certificate

What information is provided on the Form W‐2?

• Amount of money earned and paid

  in taxes throughout the previous

  year

• Form W‐4 and Form I‐9

• Amount of gross income which will be withheld for taxes

• Drivers license, Social Security card, Military ID card, birth certificate

Employers directly deposit an employee’s paycheck into his/her bank account and send the employee the pay stub.

• Payroll Card

• Paycheck, direct deposit, payroll card

• Pay period

• Direct Deposit

Electronically carries the balance of the employee’s

net income.

• Payroll Card

• Paycheck, direct deposit, payroll card

• Pay period

• Direct Deposit

What are the three methods discussed that an employer may use to pay his/her employees?

• Payroll Card

• Paycheck, direct deposit, payroll card

• Pay period

• Direct Deposit

The length of time for which an employee’s wages

are calculated.

• Payroll Card

• Paycheck, direct deposit, payroll card

• Pay period

• Direct Deposit

Totals the payroll withholdings that have been deducted from the paycheck from January 1 to the last day of the pay period.

• Net Income

• Year to date

• Payroll withholdings

• Gross Income

Calculated by multiplying the number of hours worked by the hourly wage.

• Net Income

• Year to date

• Payroll withholdings

• Gross Income