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A Health Savings Account - HSA - is a new financial strategy that allows an insured person to save money in a tax-free account that can be used to pay for future health costs.
Similarly, you may ask, what does Wschk mean?
Wschk is a pay code for walmart stores check Not sure if your paystubs are different, but on ours if it's a check, you'll be listed on the stub as the payee and the type will say WSCHK, and if it's direct deposit it will list your bank as the payee and the type will say CHECK DEPOSIT.
Just so, what are the 4 most common tax deductions on a pay stub?
Some mandatory payroll tax deductions that employers are required by law to withhold from an employee's paycheck include:
- Federal income tax withholding.
- Social Security & Medicare taxes – also known as FICA taxes.
- State income tax withholding.
Two important terms to understand are net pay and gross pay. For example, when you tell an employee, “I'll pay you $50,000 a year,” it means you will pay them $50,000 in gross wages. Net pay is the amount of money your employees take home after all deductions have been taken out.