1. Fill in the information below on your desired business.
   1. Owner/Operator (self; paid monthly) Monthly salary of: $______________________
   2. Full Time Employee (paid bi-weekly) Hourly wage of: $________________________
      1. Use the Weekly Timecard on the second page and fill out both weeks to calculate total bi-weekly gross pay
      2. Include some overtime hours (more than 40 hours in a week), and compute the pay at time-and-a-half for those hours in your tally. - Bi-weekly gross pay of: $______________________
2. Pieceworker (paid weekly)
   1. Identify type of pay (What specifically is the piece/client/class for your business?): ____________________
   2. Identify the rate per piece/client/class: $____________________
   3. Use the Weekly Tracking on the second page and fill out the number of pieces, rate of pay per piece and compute the total pay for that week.
      1. Weekly gross pay of: $____________________________________
3. Calculate Net Pay
   1. Complete the table on the second page using the respective pay periods: Owner - monthly; Full-time employee - bi-weekly; Pieceworker - weekly.
   2. Determine Social Security and Medicare dollar amounts withheld for yourself and each of your employees. Ensure you know the difference between self-employed versus employee status and how that effects Social Security and Medicare withholding.
   3. Calculate State Income Tax
      1. If your business is located in Colorado, use 4.63% of gross earnings.
      2. If your business is located in another state, research and find your states income tax rate. State: ______________, Tax Rate: _______ o
      3. Note: some states do not have a state income tax. Do not calculate federal income tax withholding.

Weekly Time Card (Full-Time Emplovee): Weekly Tracking (Pieceworker): [ Deductions per Employee