Understanding Your Paycheck Review

What is a pay period?

• time worked beyond an employee’s regular hours

• the number of days an employee works and is paid for each paycheck

• the day a person is paid

• a fixed amount of money an employee is paid to do a job

What is gross pay?

• a pay period of every 2-weeks with 26 pay periods per year

• the amount of money earned before any deductions are subtracted

• the amount of money left in a worker’s paycheck after deductions are taken out

• the amount of money subtracted from a worker’s pay

Which of these is an optional/voluntary deduction?

• healthcare insurance

• state income tax

• Social Security tax

• Medicare tax

Multiplying a worker’s hourly wage amount by the number of hours worked in a pay period equals?

• pay period

• salary

• gross pay

• net pay

What is netpay?

• a pay period of every 2-weeks with 26 pay periods per year

• the amount of money earned before deductions

• the amount of money an employee receives after deductions

• the amount of money subtracted from a worker’s pay

What is a deduction?

• the total income for a pay period

• net pay

• the amount of money subtracted from your paycheck

• overtime pay

A pay stub...

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

• is time worked beyond an employee’s regular hours.

• the amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.

• is the amount of money you earn after deductions are subtracted.

Overtime...

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

• is time worked beyond an employee’s regular hours.

• he amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.

• is the amount of money you earn after deductions are subtracted.

Hourly wage is a specific rate of money per hour worked that is paid by an employer.

• True

• False

Identify all of the required/mandatory deductions?

• 401K

• Federal income tax

• Social Security tax

• Medicare tax