A combination printer and cutting device for printing upon and cutting a web of media or tag stock into individual units. The device may cut vinyl, plastic, or RFID stock material as it moves through the printer in both back and forth directions. The device comprises a printer and a cutting apparatus that is further comprised of a carriage assembly and a movable cutter assembly. The cutter assembly is easily interchangeable and comprises a cutting element such as a wheel blade, and a pressure adjusting element for adjusting the amount of pressure applied by the cutting element to the stock material. Alternatively, the cutter assembly may be manufactured with a predetermined pressure load, but still permit an operator to adjust the depth of cut. The cutting apparatus is adaptable for use with both new and existing printers.