WorksheetsPaycheck Vocabulary Practice
Total questions: 4
Worksheet time: 2mins
Directions: Match the paycheck term on the left with its correct definition.
YTD
"Year-to-Date."
SSN
"Social Security Number."
Voluntary Deduction
Amounts that employees have chosen to have subtracted from gross pay.
Mandatory Deduction
amount that employers has to take out of employee's paychecks (i.e. federal, state, medicare and social security taxes)
Pay Period
Refers to the frequency with which an employer chooses to pay employees.
Directions: Match the paycheck term on the left with its correct definition.
Gross Pay
The amount of money an employee receives before any taxes and deductions are taken out.
Net Pay
The amount of money an employee takes home after all deductions have been taken out. Also known as "Take Home" Pay.
State Income Tax
Not withheld in Texas
Directions: Match the paycheck term on the left with its correct definition.
Social Security
A federal program that provides benefits to people with inadequate or no income. (i.e. retired people, those who are unemployed or disabled, and the children of deceased workers.)
FICA
Federal Insurance Contributions Act - a U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs.
Medicare
A federal program that provides health coverage (health insurance) if you are 65+, under 65 and receiving Social Security Disability Insurance (SSI) for a certain amount of time, or under 65 and with End Stage Renal Disease (ESRD)
Directions: Match the paycheck term on the left with its correct definition.
Form 1099
A set of tax forms used to report income outside of traditional employee wages. This form is often used by freelancers and independent contractors. Unlike the W-2, it does not require a company to withhold taxes or other deductions.
Form W-2
A lot like the 1099, but is used to report wages earned for traditional employees.
Form W-4
A form filled out by employees to indicate the number of allowances they want to take. The employer uses the form to calculate how much of an employee's salary is withheld for tax purposes.
