Parts of a Paystub
General Vocab
Taxes, Withholdings, Deductions
Retirement
Challenge!
100
The abbreviation for the amount of money you have earned so far that year
YTD
100
Pay check is electronically submitted into your bank account from your employer.
Direct Deposit
100
Are federal income tax & state income tax mandatory or voluntary?
Mandatory
100

What is another name for Social Security and Medicare taxes? 

FICA 

Federal Insurance Contribution Act

100
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.
200
Any hours worked more than 40 hours/week.
Overtime
200

Annual document employers must provide to employees by January 31st, reporting annual wages and taxes withheld.

W-2

200
Name another mandatory withholding besides taxes.
Medicare, Social Security
200

The form you fill out so your employer can withhold the correct federal income tax from your pay.

W-4

200
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.
300
The date that you get paid.
Pay Date
300
Total amount of money you take home after taxes and deductions.
Net Pay
300

Money paid to state.

State Income Tax

300

Optional & additional retirement savings plan.

401(k)

300

If you have direct deposit and get paid $1590 twice a month, what is your annual take home pay?

$1590 x 2 =$3180

$3180 x 12 = $38,160


400
The business or company you work for.
Employer
400
Total amount of money you earn before taxes and deductions
Gross Pay
400
Money paid to federal government.
Federal Income Tax
400
Mandatory retirement savings deducted from your paycheck.
Social Security
400

You start a job with $72,000 annual salary that is paid twice a month.  How much should you expect your gross pay to be on your first pay check. 

$72,000/24= $3,000

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

To verify the identity and employment authorization of individuals hired for employment in the United States.

I-9

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