Gross pay vs Net pay

________________________ is what you earned AFTER deductions.

• Bonus Pay

• Gross Pay

• Net Pay

• Overtime Pay

Which of the below is NOT a deduction?

• Federal income Tax

• State Income Tax

• Social Security Tax

• Capital Gains Tax

A "withholding allowance" for Federal Income Tax is...

• ...an exemption you claim based on the number of people you support.

• ...a way to make extra money for doing a chore, like taking out the garbage.

• ...the money that the government charges you for having too many kids.

• ...the first $2,500 you earn.

________________________ is what you earned BEFORE deductions.

• Bonus Pay

• Gross Pay

• Net Pay

• Overtime Pay

What is the rate for Social Security?

• 1.45%

• 6.2%

• 7.45%

• 10%

Which statement below is TRUE?

• Social Security is deducted with EVERY paycheck.

• EVERY State collect State Income Tax.

• People who get paid monthly do not have taxes deducted from their gross pay.

• Medicare is deducted with EVERY paycheck.

The acronym "FICA" stands for...

• ...First In Counting Aloud

• ...Federal Investigators Cannot Argue

• ...Federal Insurance Contributions Act

• ...Financial Insurance Collective Agency

Which of the below is NOT TRUE?

• FIT is the acronym for Federal income Tax

• FICA is the acronym that we use for Social Security

• People employed in Florida must pay State Income Tax

• The person/people/company that you work for is considered your EMPLOYER

What is hourly wage?

• The amount you earn in one day

• The amount you earn per hour

• The amount you earn per piece completed

The amount a worker is paid per item made or task performed is called __________________

• Fixed Rate

• Variable Rate

• Piece Rate