Paycheck Vocabulary

Front

Is the total amount you earn before any deductions are subtracted? Options: Net Pay, Gross Pay, Income, Taxes

Back

Gross Pay

Front

A portion of one’s personal income paid to a government including the federal and state.

Back

Income tax

Front

A tax on income to fund the social security benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

Back

FICA - Social Security

Front

A tax used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.

Back

FICA - Medicare

Front

Income amount remaining after all deductions have been taken out of gross pay.

Back

Net Pay

Front

A fixed hourly rate earned by employees

Back

Wage

Front

Time worked beyond your regular hours

Back

Overtime

Front

A fixed annual amount of gross pay

Back

Salary

Front

Amounts subtracted from your gross pay

Back

Deductions

Front

money that is subtracted from your paycheck and given to the federal government to help run the country

Back

Federal Tax