Welcome to lesson one in this lesson you're going to learn how to interpret your pay stub and calculate your tax estimates for federal tax purposes you will know you will be successful if when you are finished with this lesson you can look at your pay stub find your taxable income and then make a rough eof what your total tax liability would be at the end of the year and compare it to what's being withheld to determine if you're on track so our objectives are to understand the difference between gross and net pay and especially taxable gross pay and then to calculate taxes withheld and predict annual withholdings in annual tax liability let's go ahead and look at a pay stub and look at the key components of this pay stub in the top of the pay stub you have all your personal information but I've circled some of the things that are more important for us when we're making our estimates number one we have our marital status in our tax exemption this tax exemption is something that you have claimed for your employer on a form called a w-4 which we'll talk about in a little bit your marital status is important too because depending upon how many exemptions you claim is a combination of that in your marital status whether you're single married head of household that'll change how much is withheld for federal tax purposes then I have the pay date here or the pay period end date this is going to be important because you'll need to know how many times a year you're going to be paid if you've if you're going to make an ea couple of other things that are important our total gross and taxable gross back...
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The blank pay stub can hold up to 30 pay stubs.
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