Paychecks & Paystubs Vocabulary

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Across
  1. 2. Pay-All of the money an employee makes while working at a job, before any deductions are taken out.
  2. 3. Benefits-Voluntary deductions for Health, dental, and/or vision insurance.
  3. 5. deduction - contribute a portion of your payment towards retirement. May be matched by employer.
  4. 8. amount that is paid for a service. Usually a percentage but could be a set amount.
  5. 9. Deposit-Employer directly deposits the paycheck into employee’s authorized bank account.
  6. 12. Pay-Take-home Pay - The money that an employee actually receives after deductions are subtracted.
  7. 13. Period-A set time period when employees are paid for their work.
  8. 15. set amount of pay on a regular basis.
  9. 17. )Federal Insurance Contributions Act)-Tax that includes two separate taxes: social security and medicare.
  10. 18. document that summarizes an employee's pay for a given pay period. Also includes information about gross pay, deductions, and net pay.
  11. 19. Withholding (Income) Tax-The amount required by law for employers to withhold from earned wages - typically the largest amount. Depends on gross pay and the information on the W4.
Down
  1. 1. set amount of money paid based on hours worked.
  2. 4. Deductions-Deductions that are legally binding and mandated by the courts or government agencies.
  3. 6. Deductions-Any deductions that an employee elects to pay. Examples: medical benefits, life insurance, and disability insurance.
  4. 7. amount that is subtracted from a paycheck. Examples: income tax, healthcare, social security, medicare.
  5. 10. check for salary or wages made out to an employee.
  6. 11. nation’s health care program. Tax provides hospital and medical insurance to those who qualify. 1.45% of employee’s gross pay.
  7. 14. Withholding (Income) Tax-The amount deducted from an individual’s paycheck to assist in funding government agencies within the state. Depends on gross pay.
  8. 16. Security-The nation’s retirement program. Tax helps provide retirement income for elderly and pays disability benefits. 6.2% of employee’s gross pay. The employer matches the same amount.