Net Pay

FICA is known as:

• Payroll Taxes

• Social Security

• Net Pay

• Gross Pay

The government entity that collects taxes:

• Central Bank

• The Fed

• IRS

• The FDA

The purpose of Social Security is for retirement.

• True

• False

All are common deductions EXCEPT:

• Federal, State, and Local Taxes

• Retirement Plans

• Charity Donatons

• PTO

FICA Tax has a maximum amount and then stops.

• True

• False

Medicare is 1.45%

• True

• False

Both the employee and employer pay FICA Taxes

• True

• False

The money you pay in taxes is held in a personal account for you to use when you get benefits.

• True

• False

MaryBeth Kreml worked 60 hours this past week? Will she get paid any overtime hours?

• No
• Yes, 10 hours
• Yes, 20 hours
• Kind of, but not really

Tags

CCSS.7.EE.B.3

The total amount you earn before any deductions are subtracted is called __________ pay.

• Bonus
• Gross
• Incentive
• Net

Tags

CCSS.6.NS.B.3