Payroll Taxes and Credit

What is net pay?

• The total earnings on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

What is gross earnings?

• The total amount of wages on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

What are the three taxes that everyone must pay from their paycheck?

• Federal income tax, state income tax and county tax

• Federal income tax, sales tax and Medicaid tax

• Federal income tax, Social Security tax, Medicare tax

• State income tax, Social Security tax and Sales tax

What is Medicare tax for?

• It funds health insurance for retired Americans

• It funds Medicaid

• It funds health insurance for all Americans

• It funds health insurance for those who can't afford it under the Affordable Healthcare Act

What is another name for social security tax?

• Income tax

• FICA

• Medicare tax

• State tax

How long should an MEDIUM-TERM financial goal take to achieve?

• 1 day - 3 months

• 3 - 6 months

• 6 - 18 months

• 3 - 12 months

What is federal tax used for?

• It is used to fund federal infrastructure and programs

• It provides income to Americans in retirement

• It is used to fund state infrastructure and programs

• It funds health insurance to Americans in retirement

What is social security tax used for?

• It is used to fund federal infrastructure and programs

• It funds health insurance to Americans now

• It provides income to Americans in retirement

• It funds health insurance to Americans in retirement

How long should a LONG-TERM financial goal take to achieve?

• 1 - 3 years

• 3 - 6 months

• 6 - 18 months

• 3 - 12 months

You need money to borrow money. The money you already have is called:

• Collateral

• Capital

• Creditor

• Credit