Econ - Paycheck

How much income did John earn during his first pay period?

• $168.00
• $43.09
• $25.20
• $2.44

Why is net pay different than gross pay?

• Because you have to subtract your deductions.
• Because you have to add your deductions.

According to John's paystub, how much federal income tax was withheld from John's check?

• $10.42
• $124.91
• $2.44
• $25.20

Why do you need to fill out a W-4?

• It lets your employer determine what kind of health insurance you need.
• It helps your employer determine what percentage of your income should be deducted for taxes.

What is a W-2?

• Application for health insurance.
• A W-4 minus 2.
• A summary of a person's earnings and tax withholding for an entire year.

What does the government use tax money for?

• Roads and bridges
• National parks
• Public education
• All of these

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

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

• w4
• i9
• w2
• 1040ez

Tags

CCSS.6.EE.A.1

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

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