US Salary & Tax Guides 2026

Payroll glossary

Start here if you need the short definition before reading a longer article or guide.

• Semi-monthly pay - Semi-monthly pay means you are paid twice per month, usually for 24 paychecks per year.
• Gross pay - Gross pay is the amount an employee earns before taxes, withholding, and other deductions are taken out.
• FICA - FICA is the Federal Insurance Contributions Act payroll tax, which funds Social Security and Medicare.
• FEIN - FEIN stands for Federal Employer Identification Number and is another name for an EIN issued by the IRS.
• Net pay - Net pay is the amount you actually receive after taxes and deductions are taken out of gross pay.
• Withholding - Withholding is the tax your employer subtracts from each paycheck and remits to the IRS and other tax agencies.
• W-4 - Form W-4 is the IRS Employee's Withholding Certificate used by employees to tell employers how much federal income tax to withhold.
• Pay period - A pay period is the recurring block of time an employer uses to measure wages before issuing a paycheck.