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Understanding Your Paycheck Essentials Lesson Plan 7132 Form

Understanding Your Paycheck Essentials Lesson Plan 7132 Form

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[Music] hey Dad hey buddy got my first paycheck today oh that's exciting I'm really excited about it um Dad why is there so much money taken out of my paycheck well son there's a lot to look at on your paycheck let let me show you your net pay is what you take home after taxes and other deductions have been taken out these deductions include taxes retirement contributions charitable donations and health insurance most of the deductions are for taxes everyone pays taxes to help our community taxes help pay for the funding of public parks building roads local fire and police departments and many more your paycheck will also show you not only what you currently made for this past pay period but also what you will have made over the past year this is known as year to date but I worked hard for this money I don't want it all taken out so can you explain taxes better please there are four basic types of taxes federal income tax which supports Federal programs

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