FICA Practice Questions

FICA taxes are

• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
• U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
• U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true
• false

The form that determines the amount of money withheld for taxes is called a: 

• w4
• i9
• w2
• 1040ez

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 

• paycheck
• payroll card
• direct deposit
•  all are the same

Helps provide retirement income for the elderly and pays disability benefits

• medicare
• social security
• state income tax
• federal income tax

A health care program for the elderly and disabled

• social security
• medicare
• state income tax
• federal income tax

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

• gross pay
• withholdings
• net pay
• real pay

Which is bigger, gross pay or net pay?

• gross pay
• net pay

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

CCSS.7.RP.A.3

What percent of gross pay is Medicare tax?

• it varies

• 1.45%

• 6.2%

• 7.65%

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3