Paychecks &Taxes

FICA taxes are

• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
• U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
• U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true
• false

The form that determines the amount of money withheld for taxes is called a: 

• w4
• i9
• w2
• 1040ez

Which is the least secure payment method because the employee is responsible for handling it?

• payroll card
• paycheck
• direct deposit
• they are all risky

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 

• paycheck
• payroll card
• direct deposit
•  all are the same

With this type of employee payment, a card electronically carries the balance of the employee’s net income and fees may be charged to use the card.

• paycheck
• payroll card
• direct deposit
• none of these

The length of time for which an employee’s wages are calculated

• payday
• pay period
• payroll
• direct deposit

Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)

• net pay
• gross pay
• payroll deductions
• none of these

The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck

• social security
• medicare
• payroll withholdings
• income tax withholdings