Budget or Bust - Paycheck Questions

The GROSS amount of the bonus is the last number listed.

• True

• False

The form a new employee fills out to tell their employer how much tax to withhold is called a:

• W-2

• 1099

• W-4

• I-9

This document is generated by your employer at the end of the year so you can complete your annual tax return.

• W-2

• Pay Stub

• W-4

• YTD

Every state in the country has a state income tax.

• True

• False

The amount you get paid per hour or other unit of time is called the:

• Rebate

• Rate

• Hour

• Time Card

FICA and Medicaid are taxes required to be taken out by your employer for all wages earned.

• True

• False

If you get paid weekly, how many checks will you receive in one year?

• 24

• 26

• 52

• 56

What does the NET amount of your Bonus check represent?

• The hourly rate times number of hours worked.

• The total amount of taxes and other deductions.

• The amount you set aside for vacation.

• The take-home pay after all other deductions.

What amount do you need to record in your check register if you deposit the entire amount of your check?

• The total amount of deductions including taxes.

• The GROSS amount.

• The NET amount.

• The amount of Federal Tax withheld.

You should ALWAYS look at your paycheck to ensure you are getting paid correctly and the proper deductions are taken.

• True

• False