Paycheck Vocabulary

Front

What is the term for money that is subtracted from your paycheck and given to the federal government?

Back

Federal Tax

Front

What do we call the total amount of money you earn before any deductions are taken out of your paycheck?

Back

Gross pay

Front

What is the term for money that is subtracted from your paycheck to pay for your medical coverage?

Back

Insurance

Front

What is the name of the money that is subtracted from your paycheck to be saved and paid back to you when you retire, often written as FICA?

Back

Social Security

Front

What do we call the amount of money you earn for working 40 hours each week?

Back

Regular pay

Front

What is the term for the money you receive after all deductions have been made from your paycheck?

Back

Net pay

Front

What is the name of the tax that is used to fund state government services?

Back

State Tax

Front

What do we call the additional pay you receive for working more than your regular hours?

Back

Overtime pay

Front

What is the term for the amount of money deducted from your paycheck for retirement savings?

Back

Retirement contribution

Front

What is the name of the tax that is used to fund local government services?

Back

Local Tax