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What Do All Those Numbers On My Pay Stub Mean?

by rlcoch01 last modified Oct 21, 2007 09:48 PM

Take a look at your most recent paycheck.  This pay stub records the wages you received and the taxes you paid during the last pay period.  It tells you what your "gross pay" is and what your "net pay" is.  It also shows you exactly how much money was subtracted from your paycheck to pay for federal income tax, state and local income taxes, and the "FICA" taxes (social security and Medicare).  Your pay stub might include information about pre-tax deductions and after-tax deductions, as well.

Gross pay--Your gross pay is the total amount of wages you've earned for the pay period.  It's your regular rate plus any other wages you receive, like overtime pay and shift differentials.  Your gross pay determines how much you'll owe in taxes.

Net pay--You net pay is the amount of money you actually receive on payday, your "take-home pay".  It's your gross pay minus all deductions and all federal, state, and local taxes.

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