understanding employee benefits

understanding employee benefits - TTU Personal Finance...

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Unformatted text preview: TTU Personal Finance Concentration TTU Personal Finance Concentration PFP 4361 Advanced Topics and Case Studies Module 3 Understanding Employee Benefits TTU Personal Finance Concentration Understanding Personal Finance Module 3 Employee Benefits Learning Objectives: Understand what employee benefits are Understand the importance of taking advantage of employee benefits. Understand and identify common employee benefits TTU Personal Finance Concentration Its Your First Day of Week You start learning your job and have a ton of decisions to make: 1. What is my filing status? 2. How many exemptions do I claim? 3. Which health care plan to pick? 4. Which type of retirement do I choose? 5. What allocation do I want to make to the retirement plan? 6. Etc., etc., etc. . . . . . . TTU Personal Finance Concentration What is a Salary? A form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. This is your salary before any deductions such as taxes, health premiums, etc. TTU Personal Finance Concentration Salary Reductions Taxes Exemptions Deductions Insurance Premiums Retirement Contributions TTU Personal Finance Concentration Federal Income Taxes You do not have to pay tax on your full income. The government allows you to subtract money from your income before you apply the tax, which allows you to pay less tax. Two basic ways: Deductions Exemptions. TTU Personal Finance Concentration Deductions Everyone is entitled to the same deduction depending on how you file your taxes. All single individuals take the same deduction just like all married filing jointly individuals take the same deduction TTU Personal Finance Concentration Exemptions Not everyone is entitled to the same exemptions . Exemptions are based on how many people are living with you. The amount that is deducted from your paycheck depends on the number of exemptions and filing status you indicate on your W-4 for federal taxes TTU Personal Finance Concentration W - 4 TTU Personal Finance Concentration Federal Tax Calculation Your salary as a teacher is $40,000 a year which is $3,333 per month. You are single with no dependents so lets calculate your taxes. dependents so lets calculate your taxes....
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understanding employee benefits - TTU Personal Finance...

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