Payroll Review SL

For which of the following would an employer withhold money from a paycheck?

• Federal Income Tax
• Social Security Tax
• Medicare Tax
• All of these

Fred earns $10 an hour as a ride operator.  If he worked 42 hours last week his gross pay is

• $400
• $420
• $430
• $440

Which of the following DOES NOT influence tha amount of federal tax withholding?

• Amount you earn
• Health insurance benefits
• Your marital status
• Your number of withholding allowances

A W-4 Form is used to

• Apply for a minimum wage job
• Claim withholding allowances
• File federal income tax
• Calculate Social Security

Because federal income tax is a(n)_______, Phil paid taxes at a higher rate as his pay check increased.

• Regressive tax
• Progressive tax
• Proportional tax
• Flat earnings tax

Taxes for Social Security and Medicare are a part of __________?

• FDIC
• SIPC
• IRS
• FICA

Money withheld from your paycheck for taxes and some benefits are also called . . .

• Expenses
• Witholdings
• Deductions
• Reductions

Social Security is a progressive tax

• True
• False

What's commonly referred to as the most important tax day of the year?

• December 31st
• August 15th
• June 30th
• April 15th

What does IRS stand for?

• Investment Return Service
• Interest Rate State
• Income and Revenue Society
• Internal Revenue Service