Understanding Your Paycheck Stub
A Grade 12 Social Studies worksheet on understanding paycheck stubs, deductions, and financial literacy.
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Understanding Your Paycheck Stub
Name:
Date:
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Read each question carefully and provide your best answer. Refer to the provided paycheck stub example to answer the questions.
Refer to the image below for a sample paycheck stub.
1. What does 'Gross Pay' on a paycheck stub typically represent?
The amount of money you take home after deductions.
Your total earnings before any taxes or deductions are taken out.
The amount of money your employer pays in taxes on your behalf.
Your hourly wage multiplied by the number of hours worked.
2. Which of the following is NOT typically considered a mandatory deduction from a paycheck?
Federal Income Tax
Social Security Tax
401(k) Contribution
Medicare Tax
3. The amount of money an employee receives after all deductions are taken from their gross pay is called .
4. FICA taxes include contributions to Social Security and .
5. Explain the difference between 'Year-to-Date' (YTD) and 'Current' figures on a paycheck stub.
6. Why is it important for an employee to regularly review their paycheck stub?
7. A higher number of allowances on a W-4 form will result in more federal income tax being withheld from each paycheck.
True
False
Use the words below to complete the sentences.
8. The form you fill out to tell your employer how much tax to withhold from your paycheck is called a .
9. Health insurance premiums and retirement contributions are examples of common .
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