my paycheck

In one to two sentences, list some deductions you may see on your paycheck stub.

deductions may include; uniform costs, tax, insurance, and social security

A group health plan that saves you money on health insurance is an example of a/an _____. tax payment employee benefit bonus

employee benefits

When weighing your employment options, consider _____. employee benefits pay period taxes taxable income

employee benefits

employee benefits

perks (extra benefits) that a company provides their employees; may include paying for health insurance or providing a retirement plan

Diana's gross pay was $890 and her total deductions were $89. What is her net pay? $979 $801 $890 $89

$801

FICA

Federal Insurance Contributions Act, more commonly known as Social Security; a portion of wages is withheld and sent to the government trust fund and set aside for retirement benefits.

Medicare

a federal program that pays for health care for people age 65 and older

deduction

an amount that is subtracted

gross pay

earnings before deductions for work or from other sources, such as rent or investment

A paycheck stub documents just your gross pay. True False

false

What should you do with your paycheck stub? Send it to the IRS. Give it back to your employer. Save it for your records.

save it for your records

net pay

take-home pay; the portion of the wages that the employee actually gets to take home