Transcript Slide 1

Holly Altman
Director of Alumni Affairs
AHSC Room 2125
(520) 626-9423
[email protected]
The mission of the Office of Alumni Affairs is to
connect, celebrate and inspire
University of Arizona College of Medicine
alumni.
Arizona’s First University.
College of Medicine
Financial Aid
Get Organized
Organize Your Portfolio
AAMC.org/first
https://www.aamc.org/services/first
•
AAMC
Interest Rates
Interest Rates
During Medical School
Refer to page 12
Interest Rates (before ’13-’14)
STAFFORD
LOAN
PERKINS
LOAN*
* PCL Loans and LDS Loans are also at a fixed 5%
©2014 Association of American Medical Colleges. All rights reserved.
DIRECT
PLUS LOAN
During Medical School
Refer to page 12
Interest Rates (’13-’14 loans)
STAFFORD
LOAN
PERKINS
LOAN*
* PCL Loans and LDS Loans are also at a fixed 5%
©2014 Association of American Medical Colleges. All rights reserved.
DIRECT
PLUS LOAN
Forgiveness
Loan Forgiveness Programs
Loan Repayment/Forgiveness and Scholarship Program
•
Loan Repayment/Forgiveness and Scholarship Programs
Arizona Loan Repayment Program
•
Arizona Loan Repayment Program
•
The Arizona Loan Repayment Programs (ALRP) are administered by
the Arizona Department of Health Services (ADHS), Bureau of Health
Systems Development (BHSD) also known as the Primary Care Office
for the State of Arizona.
•
ALRP has two components: the Primary Care Provider Loan
Repayment Program (PCPLRP) and the Rural Private Primary Care
Provider Loan Repayment Program (RPPCPLRP).
•
NOTE: Loan repayment is in addition to a compensation package
provided by the service site and is considered tax-exempt.
Other Loan Forgiveness for Service Programs
•
National Health Service Corp
–
–
–
–
Loan Repayment Program Primary Care Physicians
Typically application cycle opens in spring (February) for the following year
You select site (they don’t assign you)
Levels of Funding based upon HPSA score
• 14 or above up to $60,000 for 2 years of commitment
• 13 or below up to $40,000 for 2 years of commitment
• Non Taxable
• NHSC Sites
Other Loan Forgiveness for Service Programs
•
Indian Health Service
– Loan Repayment Program (LRP)
– After Residency
– Application cycle opened year-round beginning October 1 through the Friday
of the second full week of August.
– LRP will assist in matching you to an IHS-approved site.
– Do not have to be American Indian or Alaska Native to receive LRP awards
– Levels of Funding
• Up to $20, 000 per year in exchange for minimum of 2 year service
obligation, plus 20 percent of federal income tax on the award. LRP will
withhold the employee’s portion of FICA taxes.
National Institute of Health Loan Repayment Programs
•
•
National Institute of Health Loan Repayment Program
You do the research. NIH will repay your student loans. That is the idea behind the
National Institutes of Health Loan Repayment Programs (LRPs).
NIH wants to encourage outstanding health professionals to pursue careers in
biomedical, behavioral, social, and clinical research. If you commit at least two years to
conducting qualified research funded by a domestic nonprofit organization or U.S.
federal, state, or local government entity, NIH may repay up to $35,000 of your qualified
student loan debt per year.
•
•
•
•
•
If you are or will be conducting qualified research funded by a domestic nonprofit
institution outside NIH, you may be eligible for one of the five extramural LRPs:
Clinical Research
Pediatric Research
Health Disparities Research
Contraception and Infertility Research
Clinical Research for Individuals from Disadvantaged Backgrounds
Public Service Loan Forgiveness
•
Public Service Loan Forgiveness
–
–
–
–
•
Make 120 payments to Direct Loans (FFEL Loans will not Qualify for PSLF)
Must work 10 years in Public Service
Does not have to be continuous work
Payments made after October 1, 2007
What is considered Public Service
– Non-profit, tax exempt, 501(c)(3) organizations. Many teaching hospitals
qualify ask your residency coordinator
– Federal, state or local government
– Military service
– Public schools and Colleges
– One Servicer Public Service Loan Forgiveness:
• Fed Loan Servicing
Public Service Loan Forgiveness
•
If Loans aren’t “Direct” Loans, you may consolidate your loans into the
Direct Consolidation Loan Program.
Consolidation
Loan
Consolidation
Consolidation
•
Consolidation is the combining of one or more of your existing loans into a
new loan. (The consolidation loan pays off the underlying loan)
•
Consolidation Cons:
– Lose out on Grace Period (but you may always apply for Public Service Loan
Forgiveness, Pay as You Earn or Forbearance)
– Lose Borrower benefits that may have been associated with your previous
loans.
•
Consolidation Pros:
– Ease and simplicity during residency have a single loan servicer for all of your
eligible federal educational loans
– Take Advantage of Public Service Loan Forgiveness
– PAYE
Postponement Options
Postponement Options
Forbearance and Deferment
Postponement Options Forebearance
– Forbearance
• Used to postpone payments
• Request annually from lender/servicer
• Interest accumulates on subsidized and unsubsidized loans
• All medical residents are eligible for this
• Does not impact your credit score
• Capitalization How often?
• Evaluate over-all cost to you
• Page 27 illustrates Forbearance during residency
Assumes 175k in principal during medical school with Sub Loans
during first two years.
Postponement Options-Deferments
•
Deferments
–
–
–
–
–
Suspends payments for a period of time
Subsidized Loans retain subsidy
Must apply and meet criteria established
For a complete list and details contact your servicer
Types of Deferments:
• Graduate fellowship deferment
• In-school deferment
• Military deferment
• Post active duty deferment
• Unemployment deferment
Repayment Plans
Repayment Plans
Income Based Repayment and Pay as You Earn
Income Based Repayment
Pay As you Earn
Which Repayment Program Pay As You Earn
•
Pay As You Earn: (Also Called PAYE)
– Do you qualify?
• Did you have debt prior to 10/1/2007 (academic year 2007-2008)
» If Yes, then you don’t qualify for PAYE,
» IF NO then
• Did you receive a disbursement after 10/1/2011 (academic year 20102011)
– Based on your 2013 Income or 2014 Pay-stubs
– If you can answer correctly to both these questions, then you may
apply for the Pay as You Earn Repayment Program. If not, then
you may attempt to repay through IBR.
– Important point, only Direct Loans qualify for Pay as You Earn
Repayment program
– Qualifies for Public Service Loan Forgiveness
– Payment capped at 10% of discretionary income
Which Repayment Program? IBR
•
Income Based Repayment (IBR)
– Based on your 2013 Income or 2014 Pay-stubs
– Both FFEL Loans and Direct Loans are qualified Loan types
for IBR repayment program
– Qualifies for Public Service Loan Forgiveness
– Caps your payment at 15% of discretionary income
Compare IBR and PAYE
•
Both IBR and Pay As You Earn require that you demonstrate a Partial Financial Hardship to qualify for entrance into
the program.
•
A Partial Financial Hardship exists when the annual amount due on all of a borrower’s eligible loans, as
calculated under a standard 10-year repayment plan, exceeds 10 or 15 percent of “discretionary income”
•
Discretionary Income: Discretionary income is defined to be the adjusted gross income minus the federal poverty line
that corresponds to your family size and the state in which you reside. (example 1 in in HH) based on 2013 regs.
•
•
•
3 year partial interest subsidy
Payment adjusts annually
Typically Capitalization occurs when you
enter repayment.
In IBR capitalization will occur again either
when PFH ceases or when you leave the
IBR program.
•
•
•
PAYE the amount of unpaid interest that will
capitalize under the PAYE plan is limited to
10% of the principal amount borrowed when
entering into this plan. While in this plan,
once the maximum amount has capitalized,
interest will continue to accrue but will not be
capitalized.
Submit your documents on time!!
IN IBR
Both Direct
and FFELP
In PAYE
Direct Only
Monthly AGI
$4,280
Monthly AGI
$4,280
Minus (150%)
of Poverty
Line
-1480
Minus (150%)
of Poverty Line
-1480
Equals
Discretionary
Income
$2,800
Equals
Discretionary
Income
$2,800
Multiplied by
.15%
Multiplied by
.10%
Monthly IBR
$420
Monthly PAYE
$280
Married Students with Debt
• Lenders will factor in both spouses’ federal loan debtand their joint income-when calculating payments.
Each spouse’s payment will be proportional to their
debt amount.
Federal Student Loan Ombudsman Resolving Processing Issues
•
•
Federal Student Loan Ombudsman
https://studentaid.ed.gov/repay-loans/disputes/prepare/contactombudsman
Taxpayer Relief Act of 1997
Refer to page 46
Full Deduction
Partial
Deduction
NO Deduction
Single
$60,000 or less
$60,001 to
$74,999
$75,000 or
more
Married
filing
Jointly
$120,000 or
less
$120,001 to
$149,999
$150,000 or
more
Limited to first 60-months of repayment
Student loan interest deduction max $2,500 per
year
Voluntary payments & capitalization may be
eligible www.irs.gov/publications/p970
Resources
Resources
Deferment Types:
Department of ED-Loan Servicer(s):


Direct Loans
800.848.0979 www.myedaccount.com
FedLoan Servicing
800.699.2908 http://myfedloan.org
FFELP
http://www.tgslc.org/forms/deferment.cfm
Direct Lending
http://www.myfedloan.org/manageaccount/defermentforbearance/deferment-forms.shtml
Great Lakes
800.236.4300 www.mygreatlakes.org
Student Loan Interest Deduction:
Nelnet
888.486.4722 www.nelnet.com
800.722.1300 www.salliemae.com
AAMC

http://www.nslds.ed.gov
Direct Lending Loan Consolidation:
https://www.aamc.org/services/first/
o

http://www.irs.gov/publications/p970
NSLDS:
SallieMae


First for Medical Education Services
http://www.aamc.org/stloan
o
Loan Forgiveness and Scholarship Database

https://studentloans.gov/myDirectLoan/co
nsolidation.action
1.13.1.G1
Starting a New Job
To receive a paycheck, an employee must:
– Complete a Form W-4
• Employee’s Withholding Allowance Certificate
– Complete a Form I-9
• Employment Eligibility Verification
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 32
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Form W-4
Employee’s Withholding Allowance Certificate
– Determines the percentage of gross pay which will be
withheld for taxes
• Allowances
– Used to determine the amount of federal taxes withheld
from the paycheck
– A person may claim a personal allowance if no one else
claims the person as a dependent
• Dependent – a person who relies on the taxpayer for financial
support
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 33
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Steps to Completing a Form
W-4
• Print or type legal name on Line 1 and home address
directly below the name
• Write Social Security number on Line 2
• On Line 3, check the appropriate box to indicate marital
status
• Enter a zero on Line 5 if not claiming any allowances
• Sign name and date the form before giving it to the
employer
• Keep a copy for personal records
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 34
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Form I-9
Employment Eligibility Verification Form
• Used to verify the eligibility of individuals to avoid
hiring undocumented workers or others who are
not eligible to work in the United States
• Must provide documentation which establishes
identity and employment eligibility
– Examples include driver’s license, Passport, Social
Security card, and birth certificate
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 35
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Family Economics & Financial Education
Reading a Paycheck
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 36
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Paycheck Stub
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Paycheck Stub
– A document included each pay period which
outlines paycheck deductions
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 37
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Personal Information
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Personal Information
– States the employee’s full name, address, and Social Security or Employee
Identification number
– Always check to ensure this information is correct
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 38
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Pay Period
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay Period
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
– The length of time for which an employee’s wages are calculated; most are weekly, biweekly, twice a month, or monthly
– The last day of the pay period is not always payday to allow a business to accurately
compute wages
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 39
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Gross Pay
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Gross Pay
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
– The total amount of money earned during a pay period before deductions
• This is calculated by multiplying the number of hours worked by the hourly rate
• If a person is on salary, it is the total salary amount divided by the specified
number of pay periods
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 40
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Net Pay
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Net Pay
– The amount of money left after all deductions have been
withheld from the gross pay earned in the pay period
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 41
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Deductions
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Deductions
– The amount of money subtracted from the gross pay earned for mandatory
systematic taxes, employee sponsored medical benefits, and/or retirement
benefits
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 42
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Federal Withholding Tax
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Federal Withholding Tax
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
– The amount required by law for employers to withhold from earned wages to pay taxes
– The amount of money deducted depends on the amount earned and information provided on
the Form W-4
– Largest deduction withheld from an employee’s gross income
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 43
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
State Withholding Tax
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
State Withholding Tax
– The percentage deducted from an individual’s paycheck to assist in funding
government agencies within the state
– The percentage deducted depends on the amount of gross pay earned
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 44
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
FICA
(Federal Insurance Contribution Act)
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
FICA
– This tax includes two separate taxes: Fed OASDI/EE or Social Security and Fed
MED/EE or Medicare
– These two taxes can be combined as one line item or itemized separately on a paycheck
stub
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 45
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Social Security
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Social Security
– Nation’s retirement program, helps provide retirement income for elderly and pays
disability benefits
– Based upon a percentage (6.2%) of gross income, employer matches the contribution
made by the employee
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 46
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Medicare
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Medicare
– Nation’s health care program for the elderly and disabled, provides hospital and
medical insurance to those who qualify
– Based upon a percentage (1.45%) of gross income
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 47
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Medical
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Medical
– The amount taken from the employee’s paycheck for medical benefits
– Occurs when the employer has a medical plan for employees but does not pay
full coverage for his/her benefits
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 48
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Retirement Plan
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Retirement Plan
– The amount an employee contributes each pay period to a retirement plan
– A specified percentage of the contribution is often matched by the employer
– May be a 401K, a state, or local retirement plan
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 49
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
1.13.1.G1
Year-to-Date
On-The-Go
Employee
Employee Identification
Check #
Beakens, Joe
201-92-4856
164
Check Amount
$1,102.98
Employee Address
293 Michael Grove
Billings, MT 59102
Pay TypeGross Pay
Deductions
Current
Year-to-date
$1,353.33
Federal Withholding
State Withholding
Fed OASDI/EE or Social Security
Fed MED/EE or Medicare
Medical
401K
$106.00
$40.82
$83.91
$19.62
$0.00
$0.00
$503.46
$117.72
$636.00
$244.92
$0.00
$0.00
Totals
$250.35
$1,502.10
Pay Period 6/11/2004-7/11/2004
Year-to-Date
• Total of all of the deductions which have been withheld from an individual’s
paycheck from January 1 to the last day of the pay period indicated on the
paycheck stub
© Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck – Slide 50
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona