Paystubs Barry Edit

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What is Social Security?

Back

A government program that provides retirement income for the elderly and pays disability benefits.

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What does FICA stand for?

Back

Federal Insurance Contributions Act, which includes Social Security and Medicare taxes.

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What are the two main components of FICA taxes?

Back

Social Security Tax and Medicare Tax.

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What is a deduction in the context of a paycheck?

Back

The amount of money subtracted from your paycheck.

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What is net pay?

Back

The amount of money remaining after taxes and deductions have been subtracted from gross pay.

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What is a pay stub?

Back

A document that explains how much money was earned and the types of deductions and amounts withheld from a worker’s paycheck.

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What is the largest deduction typically found on a pay stub?

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Federal Tax.

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What is Medicare?

Back

A federal health insurance program primarily for individuals aged 65 and older.

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What is the purpose of state income tax?

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To fund state government services and programs.

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What is gross pay?

Back

The total income earned by an employee before any deductions.