
Prin Bus CH 17 - Personal Finance
Authored by Tanya Livingston
Other
9th - 12th Grade
Used 6+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross Income is
the same as net income
the amount you take home in a paycheck
wages or salary minus bonuses
wages or salary before payroll deductions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term used to describe all the subtractions from your gross income
federal insurance contributions
payroll deductions
federal income taxes
employee benefits
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net pay is
also called gross income
your gross income minus payroll deductions
wages or salary before payroll deductions
the dollar amount you are told when hired for a job
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Taxes paid by the employee and employer that are used to finance the federal Social Security and Medicare programs.
Federal withholding tax
State withholding tax
FICA taxes
Employee benefits
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
State and federal ____________________ are withheld from the employee's gross pay and are forwarded to the government.
gross pay
net pay
benefits
income taxes
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Texas has a state income tax
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net pay is calculated by
Net Pay - Gross Pay = Net Pay
Gross Pay + Benefits = Net Pay
Regular Pay + OT Pay - deductions = Net Pay
Regular Pay + FICA Tax - OT Pay = Net Pay
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