| your money... |
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...your future. |
Income/Earnings
Paychecks
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Gross Pay 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. FICA 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. Net Pay After the approximate 27.65% of your pay has been deducted, what is left is your net pay. |
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Sources of income
Wage Employment
A pay
scale on which your pay is determined by the amount of time you
work, such as hourly, weekly, or biweekly wages.
Salaried
Employment
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.
Interest
Income on interest is
almost exclusively from savings accounts and certificates of
deposit.
Investments
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.
Eagle Opportunities
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.
