Terms
This is a document that summarizes a person's pay for a specific pay period.
What is Paystub?
This gives you the amount of money you made BEFORE taxes are deducted.
What is gross pay?
Minimum wage in NY
What is $15
This is a retirement savings plan that your employer will also contribute to
What is a 401K plan?
This deduction is used for those who have lost their jobs and have gotten laid off until they can find another job
What is unemployment insurance?
What is paycheck?
This gives you the amount of money you take home AFTER deductions are subtracted.
What is net pay?
This is when you work 35-40 hour per week
What is Full time?
This is a savings plan for emergency medical care and unexpected doctor bills
What is a flexible savings account?
What are the offers employers give to potential workers that can be better than others, but doesn't change the hourly rate or salary
What are benefits?
This is who issues your funds on your paystub.
What is employer?
After deductions are subtracted from gross pay.
What is left is Net pay.
This is when you work More than 40 hours per week
What is overtime?
This is a savings plan that will pay for your funeral expenses and outstanding bills if you should die
What is Life Insurance?
This column will tell you how much you have made since Jan 1 or how much of a certain deduction has been taken out since Jan 1
What is year to date?
This tax is deducted and used to help senior citizens and those with disabilities with health care.
What is medicare tax deduction?
Another name for withholdings
What is deductions?
This is when you work less than 30 hours per week
What is part time work?
This is section on your paystub that may give your an updated record of your earned or used sick time, personal time, vacation time.
What is PTO Paid time off?
You will find this on your paystub and it will tell you the dates or date range that this paycheck is covering.
What is pay period?
This tax is not on pay stub but you pay every time you purchase anything. In NY it is 8%
What is sales tax?
This section gives you the hours and rate(s) you worked for a pay period.
What is regular pay?
This is when you will get paid 1.5x more than your regular pay for working a holiday.
What is the Holiday Pay?
This is a voluntary savings deduction you may use for Christmas, vacation, summer or any special event.
What is a savings deduction?
This form you will fill out when you get hired so the payroll clerk knows how much deductions or what percentage to take out of your pay.
What is W-4 form?