Paycheck Vocabulary

Is the total amount you earn before any deductions are subtracted.

• Net Pay

• Gross Pay

• Income

• Taxes

A portion of one’s personal income paid to a government including the federal and state.

• Income

• Gross Pay

• Net Pay

• Income tax

A tax on income to fund the social security benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

• FICA - Medicare

• FICA - Social Security

• Federal Income Tax

• State Income Tax

A tax used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.

• State Income Tax

• FICA - Social Security

• Federal Income Tax

• FICA - Medicare

Income amount remaining after all deductions have been taken out of gross pay.

• Net Pay
• Gross Pay
• Income
• Taxes

A fixed hourly rate earned by employees

• Income

• Net Pay

• Wage

• Gross Pay

Time worked beyond your regular hours

• Wage

• Overtime

• Net Pay

• Gross Pay

A fixed annual amount of gross pay

• Gross Pay

• Wage

• Net Pay

• Salary

Amounts subtracted from your gross pay

• Deductions
• Income
• Taxes
• Gross Pay

money that is subtracted from your paycheck and given to the federal government to help run the country

• Local Tax
• State Tax
• Federal Tax