Payroll and Paycheck

Multiple Choice

What is the name of the document that comes with your paycheck and shows you what you were paid and how much was taken for taxes?

• Paystub

• Payline

• Pay Report

• Pay Sheet

Multiple Choice

Which of the following is typically found on a paystub?

• Employee's address

• Favorite color

• Pet's name

• Vacation destinations

Open Ended

Why is it important to understand the different parts of a paystub?

Multiple Choice

Which of the following best describes the purpose of a paystub?

• A record of hours worked

• A summary of job responsibilities

• A record given to an employee with each paycheck showing earnings and deductions

• A list of company policies

Open Ended

How does the 'Pay Period Total' shown at the bottom of a paystub relate to the information found in the earnings and deductions sections above?

Open Ended

Explain why it is important for employees to review their paystub regularly.

Multiple Choice

What are the main components found on a paystub?

• Employee information, employer information, earnings, deductions, year to date information, check information

• Employee name, job title, company logo, work schedule

• Employer address, employee hobbies, company mission statement, pay rate

• Employee address, pay period, vacation days, health benefits

Multiple Select

Which items are typically included in the 'Employee Information' section of a paystub?

• Employee name

• Employee ID

• Employee address

• Employee's tax bracket

Fill in the Blank

The unique tax identification number for the employer is called the ___.

Multiple Choice

Which of the following best describes the difference between a pay date and a pay period?

• Pay date is when the paycheck is issued, pay period is the range of dates covered by the paystub.

• Pay date is the range of dates covered by the paystub, pay period is when the paycheck is issued.

• Pay date and pay period mean the same thing.

• Pay date is when deductions are calculated, pay period is when bonuses are paid.

Match

Match the pay period with how many

paychecks you would get in a year.

• Paid Monthly

• Paid Weekly

• Paid Semi-annually

  (Once every 6 months)

• Paid Semi-Monthly

• Paid Annually

12 paychecks per year

52 paychecks per year

2 paychecks per year

24 paychecks per year

1 paycheck per year

• 12 paychecks per year

• 52 paychecks per year

• 2 paychecks per year

• 24 paychecks per year

• 1 paycheck per year

Open Ended

Explain why it is important for employees to understand the breakdown of their earnings, including gross pay, bonuses, and overtime.

Match

Match the following

• Helps fund roads, bridges, public libraries, parks and schools

• Helps funds education and technology

• Help fund road construction,

  maintenance and police/firefighters salaries

• Net Income +Taxes/Deductions=

• Gross Income-Net Income=

Sales Tax

Income Tax

Property Taxes

Gross Income

Taxes/Deductions

• Sales Tax

• Income Tax

• Property Taxes

• Gross Income

• Taxes/Deductions

Multiple Choice

Net pay is:

• Earnings before taxes and deductions
• Take home pay, or earnings after taxes and deductions

Multiple Choice

What is the difference between gross pay and net pay?

• Gross pay is before taxes, and net pay is after taxes.

• Gross pay is after taxes, and net pay is before taxes.

• Gross pay and net pay are the same.

• Net pay includes bonuses, while gross pay does not.

Multiple Choice

2. Jaime is creating a budget for the first time and doesn’t know which to use - NET PAY or GROSS PAY. What do you tell him?

• “Use net pay, because it’s the total amount you’ve earned minus taxes and other deductions.”
• “Use gross pay, because it’s the total amount you’ve earned minus any recurring bills you owe for the month.”
• “Use net pay, because it’s the total amount you’ve earned for the month.”
• “Use gross pay, because that is the amount that is reported to the government for taxes.”

Multiple Select

Which of the following are considered deductions from an employee's paycheck?

• Federal Taxes

• Health Insurance

• Social Security

• Bonus & Overtime

Fill in the Blank

Net pay is the amount an employee receives after all ___ have been subtracted from gross pay.

Open Ended

What information can you find on a paycheck that helps you identify it and understand the amount paid?

Employee Payroll Deductions

Employers Share Taxes

•FICA tax (employer’s share)

–Calculate Social Security amount (using 6.2%, $84,9000 ceiling)

–Calculate Medicare amount (using 1.45%)

•State unemployment tax (SUTA)

–Levied only on the employer in most states

–Rate varies by state (book assumes 5.4%, $7,000 ceiling)

–Pays subsistence benefits to unemployed workers

•Federal unemployment tax (FUTA)

–Levied only on the employer

–Rate varies (book assumes 0.80%, $7,000 ceiling)

–Used to administer federal unemployment fund 

NEW Account Federal Unemployment Tax Payable (credit account)

Multiple Choice

What percent of your earnings goes to Medicare?

• 1.45%

• .0145%

• 6.2%

• .062%

Multiple Choice

What percent of your earnings goes to Social Security?

• 1.45%

• .0145%

• 6.2%

• .062%

Multiple Choice

Federal government program that supports health care for individuals over 65

• Social Security

• Salary

• Medicare

• Income Insurance

Multiple Choice

Based on the payslip shown, which deductions are listed for the employee and what is the total deduction amount?

• Medicare, Federal Tax, State Tax, Social Security; $1,201.60

• Federal Tax, State Tax, Social Security, Health Insurance; $1,201.60

• Medicare, Federal Tax, State Tax, Social Security; $4,421.55

• Medicare, Federal Tax, State Tax, Social Security; $711.08

Multiple Choice

Which payroll deduction fund government programs and services.

• State Tax

• Social Security Tax

• Medicare Tax

• Federal Tax

Multiple Choice

Which payroll deduction fund local services and community programs in our state?

• Social Security

• FICA Medicare

• State Tax

• Federal Tax

Multiple Choice

Which payroll deduction provides health insurance benefits for people age 65 or older?

• Medicaid

• FICA

• FICA Medicare

• Health Insurance

Multiple Choice

What is YTD?

• Year-Two-Deductions

• Year-Time-Day

• Year-To-Date

• Year-Time-Deductions

Open Ended

Why is the Employee Information included on the Paystub?

Open Ended

What are the Different Deductions on a Paystub?

Open Ended

After learning about paystubs, what questions do you still have or what would you like to know more about regarding reading or understanding paystubs?

Open Ended

What are some important pieces of information you can find on a paystub, and why might each be useful to an employee?

Fill in the Blank

The total amount an employee takes home after all deductions is called ___.

Multiple Select

Which of the following are common deductions found on a paystub?

• Social Security

• Federal & State Tax

• Medicare

• Retirement Contributions