Understanding Paychecks and Wages- by N Lev

What does a paycheck stub tell you or explain to you?

• Your favorite color

• Your work schedule

• Your earnings and deductions

• Your lunch menu

What are “wages” and what are they based upon?

• The number of hours worked

• The color of your uniform

• The distance you travel to work

• The type of shoes you wear

On your paystub, where will your “wage” (how much you are paid per hour) be located beneath?

• Under your name

• Under the date

• Under the earnings section

• Under the company logo

What is a salary?

• A type of fruit

• A fixed regular payment

• A kind of dance

• A holiday bonus

What are three common “pay periods” used by companies?

• Daily, weekly, monthly

• Weekly, bi-weekly, monthly

• Hourly, daily, yearly

• Monthly, quarterly, yearly

What is net pay?

• The total amount before deductions

• The amount after taxes and deductions

• The amount you wish to earn

• The amount your friend earns

What is gross pay?

• The amount after deductions

• The total amount before deductions

• The amount you spend on lunch

• The amount you save each month

On the paycheck, is the final amount printed the gross pay or the net pay?

• Gross pay

• Net pay

• Both

• Neither

What are deductions?

• Extra money added to your pay

• Amounts subtracted from your pay

• The number of hours you work

• The number of days you work

What were three “required” deductions made from gross pay?

• Health Insurance, Retirement, Union Dues

• Federal Tax, State Tax, Social Security

• Charity, Savings, Loan Repayment

• Vacation, Sick Leave, Overtime