You’ve worked hard and it’s time for your first pay check! We pay you ________ /month. The pay period closes, the number of hours you worked are totaled from your time clock logins and the resulting number is relayed to our payroll processing company. Two days later your money will be directly deposited into your checking or savings account, whichever you chose. You will be given the entire year’s pay deposit schedule so you’ll know the date your money will be deposited in your account. (Sometimes the payroll will occur on an unusual day due to holidays.) You also will be given a copy of your paystub.
Here’s how to read your pay receipt:
The amount is determined by:
MED and SOC (Social Security and Medicare Tax withheld) – Everyone pays 6.2%(for social security tax FICA) of your total taxable income, up to $102,000 in 2008 and 1.45%(for Medicare tax) on all income with no upper limit
OH – State Income Tax for Ohio- similar to federal income tax, except goes to the state
OHTIP – City Income Tax forTippCity– 1.25% of your total taxable income
CityTaxes – Our city taxes all individuals 1.25% if all income earned in the City. Your city of residence may also have and income tax. If their tax is higher than ours, they will give you credit for the tax amount paid, and you will only have to pay the difference to your local city.
Voluntary deductions (deducted from your gross pay) – pre- tax deductions (deducted from your gross pay before your taxes are calculated, so you pay less in taxes)
after tax deductions -voluntary deductions to your savings account
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