Parts of a Paystub
The business or company you work for.
What is an Employer?
Total amount of money you earn before taxes and deductions
What is Gross Pay?
Money paid to federal government.
What is Federal Income Tax?
The number 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.
This is typically what you get paid for working overtime.
What is Time & half?
The date that you get paid.
What is Pay Date?
Total amount of money you take home after taxes and deductions.
What is Net Pay?
Money paid to local state.
What is State Income Tax?
This term refers to the payments and deductions taken in the pay period.
What is current?
The acronym is used to refer to Social Security and Medicare taxes.
What is FICA (Federal Insurance Contributions Act)?
The acronym for the total amount of money earned or deducted since the beginning of the year.
What is YTD?
SSN stands for this.
What is Social Security Number?
A qualifying child or relative who relies on you for financial support and can be used to claim tax credits or deductions.
The term used when you receive only one paycheck per month.
What is Monthly? With a monthly pay period you will receive 12 checks per year.
The part of a Check that shows the net pay to be deposited or cashed, vs. the part of a check that shows the breakdown of earnings/taxes/deductions from gross pay.
What is Paycheck vs. Paystub?
Any hours worked more than 40 hours/week.
What is Overtime?
A fixed regular income payment, typically annual or monthly, regardless of hours worked.
What is salary?
Name another mandatory withholding besides federal and state income taxes.
What is Medicare or Social Security?
This is when paychecks are distributed or earnings are deposited into employee bank accounts.
What is a pay date?
True/False: State income taxes are withheld in all 50 states.
What is False? Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not have state income tax.
The specific week(s) covered on that paystub.
What is Pay period?
A method where your paycheck is automatically deposited into your bank account.
What is Direct Deposit?
Name a voluntary deduction that can be taken out of your paycheck
What is health insurance, savings, meals, parking, retirement accounts...?
This is the term used 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).
True/False:Funds for 401(k) retirement savings plans are taken from pre-tax wages
What is True?