Payroll Deductions Flashcard

Front

What is the term for the total amount of money earned before any deductions?

Back

Gross Pay

Front

Which of the following is a type of voluntary deduction? Federal Income Tax, State and Local Income Taxes, Health Insurance, FICA Taxes

Back

Health Insurance

Front

Which tax is specifically for retirement benefits?

Back

Social Security

Front

Which deduction is specifically for funding healthcare services?

Back

Medicare

Front

What is Net Pay?

Back

The amount of money you get after taxes and deductions

Front

Gross Pay is calculated before which of the following?
- Taxes and other deductions
- Savings contributions
- Investment returns
- Loan payments

Back

Taxes and other deductions

Front

Which of the following best describes Net Pay? Earnings before any deductions, Earnings after taxes and deductions, Total annual salary, Monthly gross income

Back

Earnings after taxes and deductions

Front

Gross Pay includes which of the following? Options: Only base salary, Total earnings before deductions, Only bonuses, Only overtime pay

Back

Total earnings before deductions

Front

What should you do if there are only two jobs total according to Step 2(c)?

Back

Check the box on both Forms W-4

Front

Which filing status has a 2025 standard deduction of $15,000? Options: Head of household, Married filing jointly, Single; Married filing separately, Surviving spouse

Back

Single; Married filing separately