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B Mikalen Williams
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How to Understand Your Paycheck

NOTES

*There are two main section of the paycheck: the earnings and the deductions.

*Earnings show the rate and the number of hours in each pay period.

*Gross Pay is the money you make before taxes.

*Tax deductions include the federal income tax and state income tax.

*You also have FICA which includes Medicare and Social Security.

*Your taxes pay for roads, military, Police departments, schools, etc.

*The taxes are your deductions.

*Other deductions include health insurance.

*Net Pay is the money you live on.

*Net pay is the gross pay minus the tax deductions.