3-05 Video " How to read your pay check"

Last updated 8 months ago

Note from the author:

Watch the following Vidoe and answer questions

https://www.youtube.com/watch?v=-4qkis2FooU

https://fmpglobal.com/resources/useful-info/understanding-your-paycheck-stub/

Instructions

Watch the following Vidoe and answer questions

https://www.youtube.com/watch?v=-4qkis2FooU

https://fmpglobal.com/resources/useful-info/understanding-your-paycheck-stub/

How much is the Net Pay?

Gross Pay is not you pre-tax amount.

To get your net pay: you take your gross pay subtract deductions and taxes to equal net pay

How much money has been put into 401(K) year to date?

When was the check issued on_______ /_______ /_______ 

How has paid in more in Federal Income Taxes?

Depending on where you live, you may or may not be required to pay a _______  income tax. As with federal taxes, money for state taxes is withheld from _______ paycheck.

The federal government requires every working American to contribute to Medicare, a U.S. government insurance plan that provides hospital, medical and surgical benefits for Americans aged 65 and older, and for people with certain disabilities. Every worker contributes _______ % of their gross income to Medicare and every employer pays an additional _______ % on behalf of each employee.

Draggable item		Corresponding Item
STATE / SIT / SITW		This is the amount of money earned during the pay period
OASDI / FICA / SS / SOCSEC		Federal Income Tax Withheld
401(k)		State in which you earned money
MED		Social security tax
CHSPPRT		Medicare tax
Net Pay		Flexible Spending Account and Health Savings Account
FSA / HSA		This notes how much you’re putting into your company’s retirement account
LV / LEVY		This is the final amount, after deductions
GARN		Wage garnish
FED / FIT / FITW		Child support payments
Gross Pay		Tax levies