| A | B |
|---|
| Net Pay | he amount of money left after all deductions have been withheld from the gross pay |
| Personal Information | states the employee’s full name, address, and Social Security number |
| Gross Pay | the total amount of money earned during a pay period before deductions |
| Medicare | nation’s health care program for the elderly and disabled |
| Deductions | the amount of money subtracted from the gross pay earned for mandatory taxes, |
| Federal Withholding Tax | the percentage deducted from an individual’s paycheck to assist in funding |
| Pay Period | the length of time for which an employee’s wages are calculated |
| FICA | this tax includes two separate taxes: Fed OASDI/EE or Social Security and Fed |
| Social Security | Nation’s retirement program, helps provide retirement income for elderly |
| Taxes | mandatory charges imposed on citizens by local, state, and federal governments. |
| IRS | Collects federal taxes, and enforces tax laws written by the United States |
| State Withholding Tax | the percentage deducted from an individual’s paycheck to assist in funding |
