Getting Paid

In order for the government to run, it needs money, which it raises by taxing people. Taxes pay for many government jobs and services. Federal taxes help fund national institutions like the President, Congress, federal judges and the military. State taxes pay for local roads and the governor, while county and city taxes help pay for schools, fire trucks and the police.

Without taxes, the government could not run, so paying them is an important part of living in a society. In this course, we define the various types of taxes and how they impact you and your income.

Paycheck stubs contain a lot of information. This includes not only the actual payment information, but also deductions for federal and state taxes, Social Security, and Medicare. In this course, we'll go over each of the taxes that you may see deducted from your checks. We'll take a deeper look at Social Security: what it is, how much money is deducted, and the benefits it provides. We'll also go over Medicare and what percentage of pay all workers contribute.

A paycheck rarely equals an annual salary divided by the number of paychecks received in a year, and the difference is not always obvious. This course covers where the money goes and how to read a pay stub, whether you are viewing it online or on paper.

What this course covers:

• The basics of paycheck stubs, online or on paper
• Gross pay and net pay
• Deductions and retirement account funds
• Hours worked and time off
• Year-to-date information

It suits any employee who wants to understand what their own pay stub is telling them.

In our previous programs, we discussed the various types of taxes that come out of your paycheck each time you get paid. In this course, we talk about filing an annual tax return and whether you even need to do it. We cover the income thresholds that require filing, and we discuss tax credits, deductions, and dependents, including how those impact filing requirements.

It is always a surprise when filing your federal income taxes: do you owe them money, or do they owe you? In this course, we cover the basics of filing your taxes.

We go over standard and itemized deductions, the deadline to file, and late-payment penalties. We also review the documents and data you will need to compile before you begin filing your taxes.

You get paid your hourly wage or salary. You know that number. It's the one you use to pay bills, put food on the table, and go out on the weekends. You see that number on a regular basis by way of a pay stub or check. But that number is just part of the investment your employer is making in you. Understanding a more complete picture of how much your employer is paying you can help you understand how much the company values its employees. This complete picture is often called a "hidden paycheck." It might also be called your total compensation or total rewards. This course will help you determine your hidden paycheck.