Get Sm2 3 Analyzing A Pay Stub Answer Key 2011-2024

Employee earnings If you are a salaried employee, your hours may default to 40 hours per week. The employee earnings section also contains bonuses, commissions, or overtime for the pay period. Remember, this is your gross income, or the amount of money earned before taxes, contributions, and deductions.

Here are the most common pay stub deduction codes: FED, FIT, or FWT: Federal income tax withholding. State, SIT, or SWT: State income tax withholding. FICA: FICA taxes paid for Medicare and Social Security. YTD: Year-to-date.

Here is a list of paycheck stub abbreviations that relate to your earnings: Add Pay — Additional pay. BRVMT — Bereavement pay. Cmp Pyot — Compensatory time payout. CNT Pay — Contract pay (or your salary)

You typically submit a request to your bank and it can retrieve the pay stub for you. You can also retrieve your pay stub directly from your employer's employee website or from the payroll department.

Your pay stub contains three main sections: how much you are being paid, the taxes you are paying, and any other deductions that are being made. Pay attention to your gross, year-to-date, and net earnings. The deductions that relate to taxes are generally the most confusing, particularly those related to FICA.

What does a pay stub look like? Employee name. Pay period and date. Hours worked. Gross pay. Deductions. Taxes. Employer contributions. Net pay.

Usually, you must have Medicare and Social Security withholdings on each paycheck. This is true even if you have nothing withheld for federal, state, and local income taxes.

Employers that pay their employees in the form of cheques or deposit the considerable amount directly in the bank account tend to give a Pay Stub. The receipt is also referred to as the payslip or the paycheck. It is important to understand that the pay stub is a supporting document that goes with your Pay cheque.