 Pay and Benefits Paystub A paystub has detailed information about the money you earn. Some things a paystub tells you are how much money you paid in taxes, the cost of insurance, and leave balance. Benefits Advantages or allowances that come with your job are benefits. If a job gives benefits, that means they provide health insurance, paid leave, and retirement plans. Leave When you have paid time off from work, you have leave. Two most common types of leave are sick leave and vacation. Every job has different rules on using leave. Insurance Health insurance is a type of insurance that helps pay for medical and dental care. Companies may also offer life or disability insurance to their employees. Pay period Pay period means how often you receive a paycheck. The pay period at some businesses is weekly, but often the pay period is every two weeks or once a month. Hours On your paystub, hours refers to the total time someone has worked. For example, the paystub above shows that Marion worked 80 regular hours and 4 hours overtime. Net pay On your paystub, the net pay is the amount of money you received after paying taxes, health insurance, etc. Your net pay is lower than your gross pay. Gross pay Gross pay is the amount of money you received before paying taxes, health insurance, etc. Your gross pay is higher than your net pay. Deductions Money that is taken out of your pay for insurance, taxes, and retirement is called deductions. Your paystub will show you the deductions for a pay period and for the year. Taxes Money that is paid to the state, local, or federal government is called taxes. On this paystub, we can see that Marion paid $600 in federal tax so far this year. Medicare Medicare is a federal insurance plan. All workers pay into this plan. When you are 65 and older, Medicare helps you pay for health care. Social Security Social Security is another federal program that workers pay into. When you retire or if you become disabled, you are eligible for Social Security benefits. The end.