Paycheck

Gross Pay

Net Pay

Deductions

Amount of money earned before deductions

Money withheld by your employer

Amount of money you take home after deductions

W-2

W-4

The form than 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 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.