Paycheck and Taxes

Choose 2 ways people benefit from taxes?

• zoos and Walmart

• roads and highways

• the Internet

• schools and libraries

3. FICA tax is broken down into what 2 categories?

• SS and Medicaid
• SS and Medicare
• Medicare and Payroll

4. Which tax is to help pay for health care for people age 65 and older?

• Obamacare
• Medicaid
• Medicare

7. What form is used by your employer to allow them to withhold taxes from your paycheck?

• I-9
• W-2
• W-4

The total amount of money earned before payroll withholdings

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

A document that states the amount of money earned and taxes paid throughout the previous year.

• W2

• W4

• YTD

• deductions

Taxes are deducted from all employees paychecks

• true
• false

On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.

• Net Pay
• Gross Pay
• Total Pay
• Grand Pay

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

For which tax deduction was $64.50 deducted from Antoine Smith's gross income?

• Social Security
• Medicare
• Federal Withholding Tax
• State Withholding Tax

What do taxes collected under the Federal Insurance Contributions Act (FICA) fund?

• Medicaid & Supplemental Security Income
• Medicare & Medicaid
• Social Security & Medicare
• Social Security & Medicaid