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Paycheck

Gross Pay
Amount of money earned before deductions.

W-2
The form that an employer must send to an employee and the IRS at the end of the year. The form reports an employee's annual wages and the amount of taxes withheld within his or hers paycheck.
Net Pay
Amount of money you take home after deductions.
Deductions
Money withheld by your employer.

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


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