Paycheck

Net Pay

Deductions

Gross Pay

Amount of money earned before deductions

Amount of money you take home after deductions

Money withheld by your employer

W-2

W-4

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 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 the employee's paycheck.