FM M2L2 Vocabulary

Money subtracted from gross pay for required taxes, employee insurance, and retirement benefits.

• Deductions

• Earnings Statement

• Federal Income Tax

• FICA

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

The paycheck stub listing gross pay and deductions.

• Earnings Statement

• Take-Home Pay

• FICA

• Deposit Slip

The amount required by law for employers to withhold from earned wages to pay federal income taxes.

• Federal Income Tax

• Deductions

• Bonus Pay

• Check Register

A federal tax that funds Social Security and Medicare. Social Security and Medicare are income and insurance programs that help older Americans.

• FICA

• State Income Tax

• Net Pay

• Gross Pay

Expenses deducted from a paycheck that are necessary to perform the job

(e.g. specialized equipment, uniforms).

• Job Related Expenses

• Net Pay

• Federal Income Tax

• Earnings Statement

The amount of money an employee receives after all deductions have been taken out.

• Net Pay

• Gross Pay

• Income Tax

• Deductions

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The amount of time a person works beyond 40 hours in a work week.

• Overtime

• Bonus

• Deductions

• FICA

Tags

CCSS.6.RP.A.3B

Pay for work beyond 40 hours in a work week that is at least one and one-half times the regular rate of pay.

• Overtime Pay

• Deductions

• Taxes

• Medicare

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A form of payment to an employee.

• Paycheck

• Tax

• Deduction

• FICA

The percentage based on income deducted from a person's paycheck by the state government to pay for government provided services such as roads, public schools and parks.

• State Income Tax

• FICA

• Medicare

• Net Pay