Interesting! I had no idea they would be called by so very different and confusing common names in different places. Your description is right, they build a similar paper nest to the paper wasp over here, and the common name is for the same reason.
The yellow jacket we have here also builds a paper nest, and has very similar markings, and a few other wasps are here that also look fairly similar. Here's a wiki
Yellow jacket - Wikipedia, the free encyclopedia
concerning mostly the German Yellow Jacket, the most common one in the states. But the one we call a paper wasp is the one in the picture I linked earlier. You can also look throught the google images here
yellow jacket - Google Search
and see several varieties, including one I saw that's pretty similar to your paper wasp.
Very interesting, thanks for the info. Just goes to show you're never too old to learn...