Paycheck Basics

When your wages go directly into your bank account

• payroll card

• paycheck

• direct deposit

• pay stub

This includes medicare and social security

• FICA

• federal taxes

• state taxes

• 401(k)

This form proves your citizenship

• 1040

• I 9

• W2

• W4

This form tells you how much you earned all year

• W4

• W2

• 1040

• I 9

This form tells your employer how much to take out

• W2

• W4

• I9

• 1040

The amount you earn before taxes is your

• net income

• hourly rate

• take home pay

• gross income

This is the same as your take home pay

• gross income

• net income

• FICA

• deducations

This is the amount of time you are being paid for

• hourly rate

• pay period

• gross pay

• net pay

When you get a piece of paper to put into the bank, you have a

• payroll card

• direct deposit

• paycheck

• pay stub

This looks like a credit card from your employer

• paycheck

• payroll card

• direct deposit

• pay stub