Pay & Taxes

What does FICA consist of?

• Heath Insurance

• Social Security and Medicare

• Federal and State Taxes

• Employer Sponsored Retiirement

What are 2 examples of discretionary spending?

• Social Security & Medicare

• Education & Military

• Military & Medicare

• Medicare & Education

All of the following options are benefits we receive as a result of government spending EXCEPT:

• Air quality

• Credit card debit forgiveness

• Public school education

• National Parks maintenance

What is the difference between gross pay and net pay.

• Gross pay is before taxes and deductions; net pay is your take-home pay

• Net pay is before taxes and deductions; gross pay is your take-home pay

• There is no difference between the two

• Gross pay iis the amount of your check

What are pre-tax deductions and contributions

• contributions are taken out of paycheck before taxes are calculated on your income.

• contributions are taken out of paycheck after taxes are calculated on your income.

• contributions are not taken out of your check

• contributions aren't calculated

What are 2 examples of employer contributions?

• 401K and Roth IRA

• Traditional and Roth IRA

• Federal and State Taxes

• Sales and Excise Tax

Bob worked 40 hours this week and makes $10 per hour. What was Bob's gross income for the week?

• $40

• $400

• $4000

• $4

Bob made $400 this week. Federal Income Tax $15.50. State Income Tax $4.50. Social Security $20. Medicare $10. What was Bob's net pay?

• $350

• $450

• $349

• $449