Paycheck

money · work · banking

What it is. A paycheck is payment from an employer to an employee for work completed. It can be a physical paper check, electronic money sent to your bank account, or money loaded onto a special card.

Pay slip details. Even when you get money electronically, you usually receive a pay slip that shows exactly how much you earned and what was taken out for taxes and other deductions.

Direct deposit. Today, most workers don't get paper checks anymore. Instead, employers send money directly to the worker's bank account, which is faster and safer than carrying paper around.

Payroll cards. Some employers load your paycheck onto a special card that works like a debit card, so you can spend the money right away without needing a bank account.

The calculations. Your paycheck amount depends on how many hours you worked, your pay rate, and deductions like taxes and benefits that come out before you get the money.