Paycheck Math 2nd Block

Front

What are federal taxes, state taxes, and FICA tax classified as?

Back

Mandatory and standard deductions.

Front

If Mya's net pay is $525/week and her gross pay is $700, how much money is deducted from her paycheck each week?

Back

$175.

Front

What is the Social Security tax rate?

Back

6.2%.

Front

If Melinda’s gross pay is $570, how much will she pay in Social Security tax?

Back

$35.34.

Front

What does FICA tax include?

Back

Social Security and Medicare.

Front

What is Medicare?

Back

A health care program for the elderly and disabled.

Front

What is the formula to calculate net pay?

Back

Net Pay = Gross Pay - Total Deductions.

Front

What are voluntary deductions?

Back

Deductions that an employee can choose to have taken from their paycheck, such as retirement contributions.

Front

What is the purpose of FICA tax?

Back

To fund Social Security and Medicare programs.

Front

What is gross pay?

Back

The total amount earned by an employee before any deductions.