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Reading a Paycheck

TermDefinition
Regular pay How much money you make each week not including overtime pay or other extra pay.
gross pay Total pay; How much you make before taxes and other deductions are taken out.
net pay take-home pay; what you make after all deductions are taken out of your paycheck;
deductions money taken out of your paycheck
overtime pay money made from working extra hours ( hours worked after 40 hours in a week)
taxes withheld money taken out of your paycheck for the federal government, state government and social security;
Pension a retirement account
FICA social security
Created by: pkellogg
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