|your money...||...your future.|
This is your total hourly wage.
State Tax Withholding
You will pay a percentage of your gross pay as State Tax withholdings. These taxes pay for state level activities, and though the percents vary from state to state, it is currently about 10% in Wisconsin.
Federal Tax Withholding
Similar to State Tax withholding, you will most likely pay another 10% from each paycheck to the United States Federal Government.
The Federal Income Contributions Act costs about 12.4% of your paycheck will go towards paying Social Security, and another 2.9% will cover Medicare. Your employer may pay half leaving 7.65% to you.
After the approximate 27.65% of your pay has been deducted, what is left is your net pay.
Sources of income
A pay scale on which your pay is determined by the amount of time you work, such as hourly, weekly, or biweekly wages.
When a worker is hired for skill or specialized knowledge rather than the amount of time they put on the clock they are generally paid an annual salary.
Income on interest is almost exclusively from savings accounts and certificates of deposit.
Savings Accounts are the safest form of investment, followed by bonds, mutual funds, and stocks. As the risk goes up, so does the payoff.
Investment in Education vs. Desired income
Pursuing a college degree
is an investment in yourself. The payoffs may include a
high paying job, a job you enjoy, campus benefits, and at the
very least a few smarts.
The risks, in recent times, have begun to rise. As jobs become scarce there is the possibility that student who do not have the salaries to repay their student loans may become the next economic crisis.
Think carefully about how you handle money now, so you don't have to get stuck in that mess.
Having a job now is part of getting out of debt later. Click on the Eagle Opportunity links below to get started or visit the Career services office in Centennial Hall, Suite 1140 or online by clicking here.