1.1-1.3 Taxes Review
Authored by Jessica Lohse
Life Skills
7th - 8th Grade
Used 2+ times
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31 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does FICA consist of?
Health Insurance
Social Security & Medicare
Federal & State Taxes
Employer Sponsored Retirement
2.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
What are 2 examples of discretionary spending?
Social Security
Education
Military
Medicare
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
All of the following options are benefits we receive as a result of government spending EXCEPT…
Air quality
Credit card debt forgiveness
Public school education
National Parks maintenance
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the difference between gross pay and net pay?
Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay.
Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay.
There is no difference between gross and net pay.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are Pre-Tax Deductions and Contributions?
Contributions taken out of your paycheck BEFORE taxes are calculated on your income
Contributions taken out of your paycheck AFTER taxes are calculated on your income
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are two examples of Employer Contributions?
401k & Roth IRA
Traditional & Roth IRA
Federal & State Taxes
Health Insurance & 401k
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Money taken from your paycheck to cover things like taxes and health insurance.
Rate
Net Pay
Deduction
Gross pay
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