Understanding a Paycheck

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 a pay period?

• The length of time for which an employee's wages are calculated; most are weekly, bi-weekly, twice a month or monthly.

• It's a time sheet.

• a paper document issued by an employer to pay an employee for services rendered

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.

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 

• paycheck
• payroll card
• direct deposit
•  all are the same

If you worked 40 hours per week at $10 per hour, what is your gross income for the week?

• $227

• $4000

• $40

• $400

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