Paychecks & Taxes Vocabulary

On your paycheck, your "take home" pay, or money that you could spend, is your:

• gross pay.

• never enough pay.

• net pay.

• payroll.

These can be deducted, or taken out, from your paycheck. These are also your choice whether you want these or not, such as insurance.

• checking

• savings

• taxes

• benefits

Income means the $ you earn, such as the work you do like a job.

• True

• False

If one works a paying job before age 18, they don't have to pay any taxes.

• True

• False

These are fees and charges imposed by governments to help pay for their programs and services.

• taxes

• benefits

• penalties

• savings

On your paycheck, this is the total pay you have earned from a job, before any taxes and benefits are deducted.

• gross pay

• net pay

• all pay

• more pay

A fixed hourly rate of $ earned by an employee for a job. For example, if one earns $15 an hour working at Target.

• income

• tip

• wage

• salary

A fixed amount of pay of $ earned by an employee for a job, over a set period of time. For example, a teacher who make $3,000 per month.

• rate

• wage

• income

• salary

On a paycheck, these are $ amounts subtracted from your gross pay, in order to receive your net pay. Two primary examples are taxes and benefits.

• deductions

• subtractions

• eliminations

• extinctions

If you had to figure out your gross pay for a job you worked, such as $10 an hour for 40 hours worked, what math operation would you have to use?

• add

• subtract

• multiply

• divide