Workshop Six
💼 Workshop Six Mission: Income, Paychecks & Taxes
🎥 Watch the mission briefing. The quiz unlocks automatically when the video ends.
📘 What You’ll Learn
1) Gross vs. Net Pay
- Gross Pay: Your earnings before taxes and deductions.
- Net Pay: Your take-home after taxes and deductions.
2) Reading the Paystub
| Line | What it Means |
|---|---|
| Federal/State Income Tax | Money withheld toward your annual tax bill. |
| FICA | Funds Social Security and Medicare. |
| Pre-Tax Deductions | 401(k), HSA—reduce taxable income. |
| Post-Tax Deductions | Union dues, garnishments—don’t reduce taxable income. |
3) W-4, W-2, and 1099
- W-4: Tells your employer how much tax to withhold.
- W-2: Annual report of wages and taxes withheld (employees).
- 1099: Reports contractor/freelance income (no withholding).
4) Overtime & Pay Frequency
- Many U.S. non-exempt jobs