Income & Jobs. Gross & Net Pay Gross Pay: – What you make before any deductions are made. – Deductions may be taxes, trade union dues, retirement. Net.

Income & Jobs

Gross & Net Pay

• Gross Pay: – What you make before any deductions are made.– Deductions may be taxes, trade union dues,

retirement.• Net Pay:– The remaining amount after deductions from the

gross salary.– Referred to as “ take home pay”.

You’ll fill a W-4 out every time you get a new job.

If you claim 0, your employer will take out the maximum amount of taxes each paycheck. If you claim 1 or more, your employer will take out less taxes each paycheck.

Want a big refund? Claim 0 exemptions.

Fringe Benefits: “Extras” that the employer gives an employee

• Common – Sick Days– Vacation Days– Retirement Plans– Childcare Assistance– Health Insurance– Vision Insurance– Life Insurance– Discounted/Free Food

(restaurants)

• Less Common– Relocation Assistance– Dental Insurance– Transportation Assistance– Legal Assistance Plans – On-site Childcare– Game Room (on-site)– Tickets to Sporting Events– Discounted Shopping– On-site Gym

Typically, an employer gives more, and more creative, fringe benefits if it has difficulty finding and retaining employees.

Median Income

Outsourcing• Doesn’t just mean “jobs going overseas”• Domestic Examples:

– PISD contracted w/ Aramark to make meals. – Wal-Mart hired Price-Waterhouse-Cooper to do its taxes

• Going “overseas” – Dell manufacturing laptops in China & call centers to India– Ford, GM, and Chrysler manufacturing cars in Mexico, China, & Europe

Most Popular Jobs to Outsource: Manufacturing Call centers Writing Graphic Design Security

Outsourcing to India

Outsourcing: Why it matters

Educational Attainment and Income

2012 Poverty Guidelines for the 48 Contiguous States and the District of Columbia Persons in

family/household Poverty guideline1 $11,1702 15,1303 19,0904 23,0505 27,0106 30,9707 34,9308 38,890

For families/households with more than 8 persons,add $3,960 for each additional person.

Fastest Growing Jobs in Texas• Biomedical Engineers• Home Health Aides• Petroleum Engineers• Athletic Trainers• Personal Care Aides• Electrical & Electronics Repairers• Financial Examiners• Medical Scientists• Biochemists & Biophysicists• Physician Assistants• Special Ed Teachers• Radiation Therapists• Physical Therapists• Surgical Technologist• Dental Hygienists

• Elementary Sch. Teachers• Physical Therapist Assistants• Middle School Teachers• Skincare Specialists• Occupational Therapy Assistants• Kindergarten Teachers• Cardiovascular Technicians• Compliance Officers• Veterinary Technicians• Instructional Coordinators• Physical Therapists• Personal Financial Advisors• Medical Assistants• Veterinarians• Occupational Therapists