Paycheck Math 1st Block

Front

What does YTD stand for?

Back

Year to Date

Front

What is Medicare?

Back

Health benefits for retirement

Front

What does FICA tax include?

Back

Social Security and Medicare

Front

What helps provide retirement income for the elderly and pays disability benefits?

Back

Social Security

Front

Which of the following is not a standard tax deduction from your paycheck?

Back

Savings for retirement

Front

What is the purpose of Social Security?

Back

To provide financial support for the elderly and disabled.

Front

What is the difference between federal income tax and state income tax?

Back

Federal income tax is collected by the national government, while state income tax is collected by individual states.

Front

What is a tax deduction?

Back

An expense that you can deduct from your total income to reduce the amount of taxable income.

Front

What is the role of FICA taxes?

Back

To fund Social Security and Medicare programs.

Front

What is the significance of understanding paycheck math?

Back

It helps individuals manage their finances and understand their earnings and deductions.