Understanding Paycheck | US Payroll | HCM Simplified

This video explains all the elements in a US Paycheck and how they are calculated.
Gross salary
Your gross salary is the salary amount provided to you in your job offer. That amount is then divided by the number of pay periods - weekly, biweekly or monthly.
Net salary
Ultimately, what you receive is your net salary - your gross salary less taxes, benefits and retirement and/or dependent care contributions (if elected).
What's the net net?
The amount on your actual paycheck may be less than you expect. A number of factors go into this.
What is FICA?
FICA stands for the Federal Insurance Contributions Act and funds Social Security and Medicare.
The amount you pay to FICA depends on your income.
What is Social Security?
Social Security is a federal insurance program that provides benefits to retired people and those who are unemployed or disabled
Currently, the Social Security tax rate is 6.2% of gross salary with an annual maximum tax of $8,618.
What is Medicare?
Medicare is the federal health insurance program for:
People who are 65 years or older
Younger people with certain disabilities
The Medicare tax rate is 1.45% of all income with no annual maximum.
You may also have an additional 0.9% Medicare surtax if your salary is above $200,000 and you're single (or $250,000 for married, filing jointly).
Chapters:
0:24 Earnings
5:40 Taxes
6:30 Benefit Deductions Overview
7:20 Pre-Tax Deduction
9:52 Calculating Net Pay
If you are interested in HCM training videos across modules such as Core HR, Payroll, TLM, Benefits, Performance Management, Compensation Management, Recruitment then visit peoplesoftconc...
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[@tracyariasdiaz6778]

Can't thank you enough for the video. Great material and great english skills. Greetings from Costa Rica😊

[@tumulamahesh7359]

This video gives more information about US Payroll and very clear. I am strongly believed this video will help for learners.

[@gauridountulwar4592]

Informative video

[@vishalpanchal5923]

Very informative video

[@educationalgeeks5999]

Sir can you please tell me how federal income tax is calculated

[@Rega.Sunil.Patnaik]

Sir This is clear cut video , I have one quetion , Employers Taxes are part of Gross Payroll as per GAAP Accounting Principles .

[@ataurrahman2819]

Amazing

[@Birdsparadiseandaquasphere]

Thanks for the video. Can you please make a video about filling and depositing these taxes.

[@rajuk6611]

Nice explation sir

[@tabishnaeem4012]

Thank you

[@Bobby-rs7ix]

Awesome video. Thanks

[@VijaySharma-lv1kp]

Great.. Thanks much

[@jinkalokendra5025]

It will be helpful by accessing the excel to understand more about the formulas.

[@sachinjohari1580]

wonderful

[@sandeepkkashyap9648]

Really amazing tnx a lot

[@Mastani_charu]

So pls let me know how you calculate the federal tax-ie-55

[@msinankk]

Can You please share the sheet?

[@shubhisri1925]

Awsome

[@wcwilivelifelikeking3523]

You are awesome :P

[@nishashrivastava7554]

Can you please explain in details

[@cmann9952]

Hi sir , thanks for uploading this video , I would like to learn us payroll course , could you help me

[@HCMSimplified]

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[@user-fz4lz6pr4j]

A CONFUSED MAN!!!