AMDM Finance and Salary

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What is take home pay?

Back

Take home pay is the amount of money an employee receives after all deductions, such as taxes and retirement contributions, have been subtracted from their gross pay.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

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What is a paycheck stub?

Back

A paycheck stub is a document provided with each salary payment that details the earnings, deductions, and net pay for the pay period.

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

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What are state taxes?

Back

State taxes are taxes imposed by individual states on income earned by residents and businesses within that state.

Front

What is FICA?

Back

FICA stands for the Federal Insurance Contributions Act, which mandates a payroll tax to fund Social Security and Medicare.

Front

How is Medicare tax calculated?

Back

Medicare tax is calculated as a percentage of an employee's gross pay, currently set at 1.45%.

Front

What is the purpose of Social Security tax?

Back

Social Security tax funds the Social Security program, which provides benefits to retirees, disabled individuals, and survivors of deceased workers.

Front

What is gross pay?

Back

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

Tags

CCSS.6.NS.B.3

Front

What is net pay?

Back

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

Tags

CCSS.7.RP.A.3

Front

How do you read a pay stub?

Back

To read a pay stub, identify the gross pay, deductions (like taxes and benefits), and the net pay to understand your earnings and withholdings.

Front

What is the difference between wages and salary?

Back

Wages are typically paid hourly and can vary based on hours worked, while salary is a fixed amount paid regularly regardless of hours worked.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5