Parts of a Paystub
General Vocab
Taxes, Withholdings, Deductions
Pay Periods
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

A regularly scheduled duration of time when workers earn wages that will be paid to them on their next paycheck.

What is a pay period?

100
How much more do you get paid for working overtime?
Time & half
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 local state.
State Income Tax
200

This is when paychecks are distributed or earnings are deposited into employee bank accounts.

What is a pay date?

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

The amount of weeks in a year.

What is 52? 

This is important: If you get paid weekly then you will receive 52 paychecks per year. If you are paid bi-weekly (every 2 weeks) then you will receive 26 paychecks per year.

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

What is it called when paychecks are received on the 1st and 15th of the month?

What is Semi-monthly? When you get paid semi-monthly then you receive 24 paychecks per year. You are only paid 2 times per month (this is different than bi-weekly).

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?
(health, savings, meals, parking, etc...)
500

What is it called when you receive only one paycheck per month?

Monthly - with a monthly pay period you will receive 12 checks per year.

500
True/False:Funds for 401(k) retirement savings plans are taken from pre-tax wages
True
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