Understanding Your Pay Stub

What's a check stub?

• What you give to the bank to deposit.

• The part of a paycheck that lists deductions from your salary

• It's an envelope.

What's gross pay?

• The total amount of an employee's earnings BEFORE deductions are taken out.

• It's when you feel gross because of your paycheck

• It;s the total amount of an employee's earnings AFTER all deductions.

What's net pay?

• The amount of a paycheck AFTER all deductions are taken out.

• The amount of a paycheck BEFORE all deductions are taken out.

• The net worth of an individual

When should you fill out a W-4?

• When you quit a job
• When you have 401K benefits 
• When you start a new job
• Whenever you feel like it

Why do you need to fill out a W-4?

• It lets your employer determine what kind of health insurance you need.
• It helps your employer determine what percentage of your income should be deducted for taxes.

Helps provide retirement income for the elderly and pays disability benefits

• medicare
• social security
• state income tax
• federal income tax

A health care program for the elderly and disabled

• social security
• medicare
• state income tax
• federal income tax

Employees have deductions taken out of their paychecks. Identify which are considered required by the government.

• State Income Tax

• Federal Income Tax

• Dental Insurance

• Social Security

Employees have deductions taken out of their paychecks. Identify which are considered "elective" - not required by the government.

• Life Insurance

• Social Security

• Dental Insurance

• 401 (K) or 403 (B)

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