Automatic Withdrawls

Before you receive a paycheck, your employer withholds a portion of it to pay taxes, social security, Medicare, retirement accounts, as well as the premiums on the insurance accounts associated with any benefit packages they offer. With the following activity, we will investigate each one of these accounts, and you will estimate how much you will be paying when you move out.

The amount of pay that a person receives before the automatic withdrawals is called Gross Pay. While the pay after the automatic withdrawals is called your net pay.

Income Tax

Social Security

Medicare

Retirement

Insurance Premiums