Anatomy of a Paycheck
Gross Pay
The total amount you earned before any deductions. This should match your hourly rate x hours, or your salary / pay periods.
Statutory Deductions (Mandatory)
These are the law-mandated taxes:
- Fed Tax: Federal Income Tax.
- SS / Soc Sec: Social Security.
- Med: Medicare.
- State Tax: Your state's income tax.
Voluntary Deductions
Items you opted into:
- 401k / 403b: Retirement contributions.
- Insurance: Medical, dental, vision premiums.
- HSA / FSA: Health or flexible spending accounts.
YTD (Year-to-Date)
This reflects the running total of earnings and deductions from January 1st to the current date. It's vital for checking if you are on track to exceed various tax limits (like the Social Security cap).
Check your W-4: If you see "Single - 0" or "Married - 2" and it doesn't match your life situation, you should submit a new W-4 to your payroll department immediately to avoid a tax bill or a too-large refund.