Understanding Your Paycheck Stub
This worksheet helps 8th-grade students understand the components of a paycheck stub, including gross pay, deductions, and net pay.
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Understanding Your Paycheck Stub
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Read each question carefully and answer to the best of your ability. Refer to the provided image of a paycheck stub if necessary.
Below is an example of a paycheck stub. Use it to answer the following questions.
1. What is 'Gross Pay' on a paycheck stub?
The amount of money you take home after taxes.
The total amount of money earned before any deductions.
The amount of money paid for health insurance.
The amount of money saved for retirement.
2. Which of the following is typically NOT a deduction found on a paycheck stub?
Federal Income Tax
Social Security Tax
Rent Payment
Health Insurance Premium
3. The amount of money you actually receive after all deductions is called your .
4. FICA stands for Federal Insurance Contributions Act, and it includes taxes for Social Security and .
5. A paycheck stub often shows both current period earnings and earnings.
6. Net pay is always greater than gross pay.
True
False
7. Deductions are only for taxes; they never include benefits like health insurance.
True
False
8. Explain the difference between 'current' and 'year-to-date' earnings on a paycheck stub.