Financial Literacy | Topic 5, Lesson 1 Flashcard

Front

What is the employee's gross pay?

Back

1200

Front

How much local tax is deducted from the paycheck?

Back

23.13

Front

How much state tax is deducted from the paycheck?

Back

40.06

Front

How much federal tax is deducted from the paycheck?

Back

157.39

Front

How much did the employee contribute to FICA?

Back

76.98

Front

How much did the employee contribute to Medicare?

Back

14.67

Front

How much did the employee pay for other (nontax) deductions?

Back

91.75

Front

What percentages of the employee's income is set aside for retirement?

Back

4, 4%

Front

What is the employee's net pay?

Back

810.69

Front

What percent of the employee's paycheck is deducted for taxes and other expenses?

Back

32%.