7-3 Income Deductions Vocab

Which term describes the total amount of money earned in a pay period?

• Gross Pay

• Net Pay

• Deductions

• Social Security Tax

• Pension

Which term describes money taken out of Gross Pay to cover specific employee costs?

• Gross Pay

• Net Pay

• Deductions

• Social Security Tax

• Pension

Which term is an alternate name for Take-Home Pay?

• Gross Pay

• Net Pay

• Deductions

• Social Security Tax

• Pension

FICA is a term that combines which two deductions?

• Disability Insurance and Medicare

• Medicare and

  Social Security

• Federal Income Tax and

  State Income Tax

• Social Security and Retirement Contributions

• Disability Insurance and Health Insurance

Which deduction is used by the US government to pay for military, food stamps, national parks, etc?

• Medical Insurance

• Medicare Tax

• State Income Tax

• Social Security Tax

• Federal Income Tax

Which deduction is used by the California government to pay for schools, parks, roads, bridges, etc?

• Medical Insurance

• Medicare Tax

• State Income Tax

• Social Security Tax

• Federal Income Tax

Which deduction is used to provide basic living expenses for retirees 65 and older?

• Medical Insurance

• Medicare Tax

• State Income Tax

• Social Security Tax

• Federal Income Tax

Which deduction is used to provide basic healthcare for retirees 65 and older?

• Medical Insurance

• Medicare Tax

• State Income Tax

• Social Security Tax

• Federal Income Tax

Which deduction is used to provide for your current doctor, surgeries, medications, etc?

• Medical Insurance

• Medicare Tax

• Disability Insurance

• Retirement Contributions

• Union Dues

Which deduction is used to help if you are too injured to work?

• Medical Insurance

• Medicare Tax

• Disability Insurance

• Retirement Contributions

• Union Dues