Payroll terms

The amount you get paid each year:

• gross pay
• net pay
• discretionary income
• disposable income

The money that is taken out of your pay check for taxes:

• state tax
• federal tax
• pre-tax deductions
• tax deductions

The amount of money you make minus tax deductions:

• gross pay
• net pay
• pre-tax deductions
• discretionary income

Taxes for the US government:

• state taxes
• federal taxes
• social security 
• medicare

Taxes for your state:

• social security
• federal taxes
• state taxes
• medicare

The social security tax is paid by both employer and employees.

• True
• False

A retirement saving plan which allows employees to save and/or invest in preparation for retirement

• Social Security

• 405(K)

• Medicaid

• 401(K)

Pay based on the amount of money an employee earns per hour

• Wages

• Salary

• Gross pay

• Net pay

Tags

CCSS.4.MD.A.2

CCSS.4.OA.A.3

FICA is

• social security tax

• a deduction for people 65 or older

• not a tax

• not deducted from your paycheck

A fixed annual sum of money divided among equal pay periods.

• Commission

• Wage

• Salary

• Overtime

• Total Earnings