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What is gross pay?
Gross pay is the total amount of your pay or wages.
What are 2 ways people are paid?
Salary and wage.
What is a salary?
Salary is a fixed regular payment based on an agreed amount between the employer and employee.
What is wage based on?
How many hours you have worked.
What is a pay period?
A time period in which an employee worked and is getting paid for.
Why is reading a paystub important?
It contains important information.
What are deductions?
Deductions are any amount of money subtracted from your check.
What is net pay?
Net pay is the amount you receive after all deductions are taken from your total earnings.
What is income?
Income is the payment people receive for working and comes in the form of wages.
What are some common pay schedules?
Monthly, semi-monthly, and biweekly.
What percent is deducted from FICA/Social Security?
6.2%
What percent is deducted from FICA/Medicare?
1.45%