Your pay statement shows various deductions that reduce your gross pay to arrive at your net (take-home) pay. Here’s what they mean.
Common deduction types
Taxes
- Federal Income Tax - Tax withheld for the federal government based on your W-4
- State Income Tax - Tax withheld for your state (if applicable)
- Social Security (FICA) - Contributes to your future Social Security benefits (6.2% of earnings up to the annual limit)
- Medicare - Funds the Medicare health insurance program (1.45% of earnings)
Benefits
- Health Insurance - Your share of medical, dental, or vision insurance premiums
- Life Insurance - Premiums for employer-sponsored life insurance
- Disability Insurance - Short-term or long-term disability coverage
Retirement
- 401(k) / 403(b) - Pre-tax or Roth contributions to your employer retirement plan
- IRA Contributions - If deducted through payroll
Other
- HSA / FSA - Health Savings Account or Flexible Spending Account contributions
- Union Dues - If applicable
- Garnishments - Court-ordered deductions, if any
Viewing your deductions in MyTruv
When you view a pay statement, deductions are listed with their amounts. You can see both the individual deduction amounts and the total deductions for that pay period.
Review your deductions at least once a year, especially after major life changes like getting married or having a child, to make sure your tax withholdings are correct.
