Financial Literacy-your paycheck

FICA stands for

• Financial Institutions cause anxiety

• Federal Insurance Contributions Act

• First Inside Can Act

• Finally I Can Answer

Gross pay

• Before taxes

• After taxes

• Before deposit

• After withdrawal

What percentage of FICA is Social Security tax?

• 12.65

• 1.45

• 2.6

• 6.2

What percentage of FICA is Medicare tax?

• 1.45

• 2.6

• 6.2

• .006

Federal income tax pays for all of the following except:

• Emergency disaster relief

• Interest on the national debt

• Defense

• Individual Retirement Accounts

Which tax provides medical benefits to people age 65 or older?

• HSA

• Social Security

• Medicare

• Income tax

How many paychecks do you get yearly if you are paid bi-weekly?

• 24

• 26

• 12

• 52

How many paychecks do you get if you are paid bi-monthly?

• 26

• 24

• 52

• 12

Tax forms must be completed and mailed by...

• April 15th

• April 1st

• July 4th

• December 31st

------------------- is time worked beyond the regular hours.

• wage

• flextime

• overtime

• bonus