It's the question that's on everyone's mind if the number two pencil is the most popular why is it still number two that is a good question but it's a little off-topic I think a more relevant question is where did all my paycheck money go well portions of your paycheck are deducted every pay period they are listed here's withholdings because they are withheld from your paycheck your gross earnings are what you started out with before the deductions but that amount decreases as the deductions are taken out federal income tax is automatically deducted and many states also take out income tax so we subtract 53 dollars 90 cents and $19.60 then there are also withholding for FICA the Federal Insurance Contributions Act this tax is taken out to pay older Americans their Social Security retirement benefits and Medicare or hospital insurance benefits it's a mandatory payroll deduction so we subtract $7 11 cents and $20 58 cents some of these paycheck withholdings will end up benefiting you when you retire and some ensure that federal state and local government function so you can have roads parks police and schools your net pay is what you're left with after the deductions you started out with $490 gross pay but ended up with only three hundred eighty eight dollars eighty one cent net pay this means you probably don't have to worry about making minor purchases like a number-two pencil now and then but before you go out and buy something really expensive make sure it's in your budget and that you can pay for it with your net pay.
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Check stub maker with overtime Form: What You Should Know
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