Consumer Math Unit 2: Net Pay

Your take home pay after all deductions have been subtracted is called ...

• gross pay

• net pay

• income tax

• FICA

taxes from your income paid to the IRS & used to fund our federal government

• FICA

• FIT

• SIT

• LIT

Which below are types of income tax?

• state

• local

• federal

• social security

deductions that are used to fund medical insurance for those of retirement age or the disabled

• SIT

• FIT

• Social Security

• Medicare

deduction that is used to fund the federal retirement system that is part of FICA

• New Deal

• Federal Income Tax

• Medicare

• Social Security

attachment to your pay check listing all deductions, earnings, vacation, sick days

• earnings statement

• pay stub

• W-2 form

• W-4

Form you fill out when you are hired to let the employer know how much to deduct in income taxes.

• Earnings Statement

• W-4

• Job Application

• W-2

People who rely on your income for survival are called...

• dependents

• employer

• employee

Your total earnings before any deductions have been subtracted is called ...

• net pay

• gross pay

• withholding allowances

• FICA

Dependents lessen your taxable wages?

• True

• False