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Understanding Your Paycheck: Deductions, Tax Information, and Earnings Breakdown

Your paycheck details your earnings and deductions for the current pay period as well as year-to-date totals. Gross pay is the total amount before withholdings, while net pay is what you take home after deductions. Your paystub displays important tax information, including marital status and withholding allowances. Mandatory withholdings may include income tax and Medicare, while voluntary deductions could be for things like a parking fee. Understanding these details can help you manage your finances more effectively and prepare for tax obligations.

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Understanding Your Paycheck: Deductions, Tax Information, and Earnings Breakdown

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  1. Paycheck Check-up

  2. Your paycheck paystub lists your pay and deductions for: the current pay period the year-to-date period both A and B

  3. Gross pay refers to: the amount you receive after your employer takes out withholdings and deductions the amount you receive before your employer takes out withholdings and deductions old and disgusting currency

  4. Whether you receive your pay by check, direct deposit or payroll card, it is listed on the paystub as: net pay distribution federal withholding pay rate

  5. Tax information stated on your paycheck includes: your marital status (whether you’re married or single) the number of withholding allowances (personal exemptions) both A and B

  6. Your Social Security number is listed on each paystub. true false

  7. An example of a voluntary deduction is: a parking fee Social Security income tax

  8. An example of a mandatory withholding is: medical insurance 401(k) plan Medicare

  9. Your withholdings for taxes are determined by: your W-2 your W-4 your W-6

  10. State income taxes are withheld: in all 50 states in most states in a few states

  11. Funds for 401(k) retirement savings plans are taken from pre-tax wages. true false

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