Assignment #4 Standard 4c-d Lesson 1/1 Name: _______________________________

My First Paycheck
1. Select one of the careers you worked with in the previous assignment. Your annual salary at your new
job is $_____________ a year. You are paid once a month.

2. Use the following information to complete the following chart that represents your pay stub.

A. Write your gross monthly pay

B. Your company offers health insurance Question Description Amount
.Single coverage is $50.00 per pay A. Gross Monthly Pay $
period. Married coverage is $150.00 B. Health Insurance $
per pay period.
C. Federal Income Tax $
C. Federal Income Tax is 12.20%
(gross pay X 0.122 = deduction). D. Social Security $
E. Medicare $
D. Social Security Tax is 6.20%
(gross pay x 0.062 = deduction). F. State Income Tax $
E. Medicare Tax is 1.45% G. Retirement $
(gross pay x 0.0145 = deduction) H. TOTAL Deductions $
F. State Income Tax is 3.00% I. Net Pay $
(gross pay x 0.03 = deduction)
G. Retirement is 7.00%
(gross pay x 0.07 = deduction) (NOT a mandatory deduction)
H. Calculate total deductions for the pay period.
I. Compute your net pay by subtracting Total Deductions from Gross Monthly Pay. This is your take-
home pay.

3. Fill out the following paycheck for the amount of your net pay.

Your Employer’s Signature

Assignment #4 Standard 4c-d Lesson 1/1