Paycheck Vocabulary

Taxes are...

• Retirement funds

• fees and charges imposed by governments to help pay for their programs and services

• an amount of money you earn for each hour that you work

• the amount of money you actually get to keep from your paycheck

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

• gross pay

• salary

• net pay

• wages

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 tax used to fund the social security benefits to Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

• FICA - Medicare

• FICA - Social Security

• Federal Income Tax

• State Income Tax

A tax which is used to provide healthcare and insurance benefits to retirees and people with limited resources/income

• State Income Tax

• FICA - Social Security

• Federal Income Tax

• FICA - Medicare

the amount that an employee earns before taxes and other deductions are taken from their paycheck

• Net Pay

• Gross Pay

• Income

• Taxes

the amount of money you actually get to keep from your paycheck after taxes/deductions are subtracted

• Net Pay

• Gross Pay

• Salary

• Taxes

FICA Taxes include

• Hourly Wages and Salary

• Gross Pay and Net Pay

• Federal tax and State Tax

• Social Security and Medicare

Taxes used to fund the Military/National Defense, social programs, law enforcement, and national deb

• State Tax

• Federal Tax

• Social Security

• Medicare