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Glossary
It's Your Paycheck Lesson 2

In this lesson you will compute the gross pay for a fictional character named John Dough given his hourly wage and the number of hours worked. You will compare gross pay to net pay. You will learn what FICA and federal income taxes are. You will learn how to complete a W-4 form and what a W-2 form is.

When you have finished this lesson you should be able to:

  • Define income, taxes and wages.
  • Explain what FICA is.
  • Explain the difference between gross pay and net pay.
  • Explain what a W-4 form is used for.
  • Explain what a W-2 form is.