Paycheck

Net Pay

Deductions

Amount of money earned before deductions.

Amount of money you take home

after deductions.

Money withheld by

your employer

Gross Pay

W-2

W-4

The form that an employer must send to an employee and the IRS at the end of the year. The form reports and employee's annual wages and the amount of taxes withheld from his or her paycheck.

A form completed by a new employee. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.