Personal Finance PS2

The more exemptions a worker claims, the less tax is withheld from his or her paycheck.

• True

• False

A benefit often received by full-time workers is...

• health insurance

• sick leave pay

• vacation pay

• all of the above

Which of the items listed is a REQUIRED deduction from a worker's paycheck?

• health insurance premiums

• savings plans

• federal income tax

• group life insurance premiums

Something that is given as part of your employment package such as health insurance and retirement

• Interest

• Net-Pay

• Benefits

All monies (wages, dividends, tips, commission, ect.) that are received.

• Net Pay

• Income

• Gross Pay

Salary - deductions: this is what is left after taxes and other deductions, "your take home pay".

• Net-Pay

• Gross Pay

• Income

What is the social security deduction (6.2%) for a married person, with 4 allowances and a gross pay of $2,750 monthly.

• $171.50

• $170.50

• $169.50

• $170.51

What is the Medicare deduction (1.45%) for a married person, with 3 allowances, and a gross pay of $2,750.

• $39.88

• $39.86

• $39.87

• $39.875

When the pay period has ended, you can expect your check the same day it ended.

• True

• False

Your earning potential will be greatly influenced by your education, training, and experience.

• True

• False