Parts of a Paystub
General Vocab
Taxes, Withholdings, Deductions
Retirement
Challenge!
100
The business or company you work for.
Employer
100
Total amount of money you earn before taxes and deductions
Gross Pay
100
Money paid to federal government.
Federal Income Tax
100
Mandatory retirement savings deducted from your paycheck.
Social Security
100

According to the Fair Labor Standards Act, how much money are you supposed to make at minimum when working overtime?

Time & half

(1.5 x regular rate=overtime pay)

200
The date that you get paid.
Pay Date
200
Total amount of money you take home after taxes and deductions.
Net Pay
200

Money paid to state.

State Income Tax

200

Optional & additional retirement savings plan.

401(k)

200
When you work for someone else, you are called an______________.
Employee
300
The abbreviation for the amount of money you have earned so far that year
YTD
300
Pay check is electronically submitted into your bank account from your employer.
Direct Deposit
300
Are federal income tax & state income tax mandatory or voluntary?
Mandatory
300

What is another name for Social Security and Medicare taxes? 

FICA 

Federal Insurance Contribution Act

300
What is the difference between a paycheck and a paystub?
Paycheck=money to put in bank account. Paystub=information on the breakdown of earnings/taxes/deductions.
400
Any hours worked more than 40 hours/week.
Overtime
400
The formal term for your paystub.
Earnings Statement
400
Name another mandatory withholding besides taxes.
Medicare, Social Security
400

The standard age for retirement.

67

400
True/False: State income taxes are withheld in all 50 states.
False. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not have state income tax.
500
The specific week(s) covered on that paystub.
Pay period
500
What does SSN stand for?
Social Security Number
500

Name a voluntary deduction that can be taken out of your paycheck?

(healthcare, savings, Union, etc...)

500
If you get fired from your job, do you get to keep the money in your 401(k)?
Yes
500
True/False:Funds for 401(k) retirement savings plans are taken from pre-tax wages
True
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