Bank Statements and Pay Stub Review

A bank statement is a summary of all transactions in a bank account over a specific period, including deposits, withdrawals, and the ending balance.

A pay stub is a document provided by an employer that outlines an employee's earnings, deductions, and net pay for a specific pay period.

To withdraw money means to take funds out of your bank account, which decreases your account balance.

Social Security Tax is a payroll tax that funds the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.

A deposit increases your bank account balance.

Gross pay is the total earnings before any deductions, while net pay is the amount received after deductions.

A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or purchases.

Reconciling a bank statement means comparing your records with the bank's records to ensure they match and identifying any discrepancies.

A checking account is a type of bank account that allows for easy access to funds for everyday transactions, typically using checks or debit cards.

A savings account is a bank account that earns interest on deposits and is used for saving money rather than for daily transactions.