Paystubs Barry Edit

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What is a pay stub?

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A pay stub is a document provided by an employer that outlines an employee's earnings and deductions for a specific pay period.

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What does gross pay mean?

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Gross pay is the total amount of money earned by an employee before any deductions are made.

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What is net pay?

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Net pay is the amount of money an employee takes home after all deductions have been subtracted from gross pay.

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What are deductions?

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Deductions are amounts of money that are subtracted from an employee's gross pay, such as taxes, insurance, and retirement contributions.

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What is the purpose of state taxes?

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State taxes are collected by the government to fund public services and programs within the state.

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What is Medicare?

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Medicare is a federal health care program that provides health coverage for individuals aged 65 and older, as well as some younger individuals with disabilities.

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What is the difference between weekly and biweekly pay?

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Weekly pay means employees are paid once a week, while biweekly pay means employees are paid every two weeks.

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What is overtime pay?

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Overtime pay is additional compensation earned by employees who work more than their standard hours, typically calculated at a higher rate.

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What is the significance of the year-to-date (YTD) earnings?

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Year-to-date earnings show the total amount an employee has earned from the beginning of the year up to the current pay period.

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What is a tax withholding?

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Tax withholding is the amount of an employee's earnings that is withheld by the employer to pay federal, state, and local taxes.