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Paycheck
Gross Pay
Deductions
Net Pay
Amount of money earned before deductions
Amount of money you take home after deductions
Money withheld by your employer
W-2
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
W-4
Form' A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. TheW-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck.
Paycheck
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