Caution - if your pressure switch seems to have only one terminal being used, instead of both terminals - contacts only on one side seem to be connected through using only one wire in and out instead of the normal two, you may have a deluxe type control box and should have a pump contractor or electrician connect it up.
Wiring Instruction for Standard QD (up to 1 HP box) Control Box:
Headline: MAKE SURE YOUR BREAKER IS OFF BEFORE WIRING!
Coming from your breaker power source (that you just turned off) are 2 hot wires and a ground (ground is usually green or bare). The 2 hot wires are known as L1 and L2. L1 and L2 will come into the control box and connect to the L1 and L2 (labeled) terminals. The Ground Wire will go to the ground terminal which grounds it right onto the metal frame of the control box.
Next you will connect the wires coming up from your submersible pump. You should have a Black Wire, a Red Wire, a Yellow Wire and a Green Wire coming up into the control box from your sub pump.
The Black Wire will connect to the B terminal, the Yellow Wire to the Y terminal, and the Red Wire to the R terminal (which is your start winding). The Green Ground Wire will connect to a (usually green) Ground Terminal Screw in the control box.
The ground wire coming from the power source and the ground wire coming up from the pump both connect to the frame of the metal control box for two purposes; to provide ground through to the pump motor and also to ground the metal control box to prevent shock. Do NOT defeat this by deciding to simply twist the breaker and pump wires together in the box. If you do so, the control box itself will not be properly grounded because you have eliminated it's ground.
Once connected, install the cover and turn on the breaker.