NCVPS FM Unit 2 review

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What is NC state tax?

Back

A tax imposed by the state of North Carolina on income earned by residents.

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How is NC state tax calculated?

Back

It is typically calculated as a percentage of an individual's gross income.

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What is a pay period?

Back

The amount of time for which your wages are calculated.

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What is gross pay?

Back

The amount of money you earn before any deductions.

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What is net pay?

Back

The amount of money you take home after all deductions are made.

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What is FICA?

Back

Federal Insurance Contributions Act; a federal payroll tax that funds Social Security and Medicare.

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How is FICA calculated?

Back

It is calculated as a percentage of an employee's gross pay.

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If Antonio earns $7.50 per hour, what is his gross pay for a 40-hour week?

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$300.00

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What is the difference between gross pay and net pay?

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Gross pay is the total earnings before deductions; net pay is what remains after deductions.

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What are common deductions from a paycheck?

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Common deductions include federal tax, state tax, FICA, and health insurance.