21st Century Student FinLit -Getting Personal SW

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LET’S PRACTICE

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Payroll Code Decoder If paycheck stubs look like they are written in code, it’s because they are. They are written in payroll code , with all sorts of acronyms and abbreviations for different types of earnings and deductions. Payroll codes may differ slightly from employer to employer. Below are some common ones you are likely to see on your paycheck stub. Match the deduction with its code, to be a Master Decoder of the Paycheck Stub.

CODE Net Garnish INS or MED Current REG COLA OASDI OT YTD SICK or FL Fed Gross SWT or State HOL LT or Local Tax FICA-MED WC or Work Comp VAC Life 401K or Ret Gross Pay FICA

DECODE Total earnings before deductions garnishment due to money owed Old Age Survivors and Disability Insurance (Social Security) Earnings in this pay period Year-To-Date tax deferred retirement contribution

overtime hours worked holiday hours worked PRODUCT PREVIEW County and/or City Tax deductions Social Security tax paid by employee earnings after deductions sick or family leave time paid regular hours worked Withholding for Federal Income Tax Medicare tax deductions workman’s comp (paid by the employer)

deduction for life insurance Withholding for State Tax vacation time paid Cost of Living Adjustment

your pay before any deductions are taken deduction for healthcare or medical savings

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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY

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