Net Income Vocabulary Quiz

The amount of money you actually receive in your paycheck after deductions, also called take-home pay.

• Group Insurance

• Earnings Statement

• Gross Pay

• Net Pay

The amount of money you earn before deductions are taken out.

• Group Insurance

• Earnings Statement

• Gross Pay

• Net Pay

A document which shows how much a person or a company earned during a set period.

• Group Insurance

• Earnings Statement

• Gross Pay

• Net Pay

Insurance offered by many businesses to employees, paid in part by the business and in part by deductions from employee's paychecks.

• Group Insurance

• Earnings Statement

• Gross Pay

• Net Pay

Money withheld by an employer from an employee's paycheck to pay state government taxes.

• State Income Tax (SIT)

• Federal Income Tax (FIT)

• Personal Exemptions

• Medicare

Money withheld by an employer from an employee's paycheck to pay federal government taxes.

• State Income Tax (SIT)

• Federal Income Tax (FIT)

• Personal Exemptions

• Medicare

The number of people an employee supports, on which taxes are based, also called allowances

• State Income Tax (SIT)

• Federal Income Tax (FIT)

• Personal Exemptions

• Medicare

A federal government program to provide medical insurance financed by taxes.

• State Income Tax (SIT)

• Federal Income Tax (FIT)

• Personal Exemptions

• Medicare

A federal government program to pay for retirement and disability benefits, financed by taxes.

• State Income Tax (SIT)

• Federal Income Tax (FIT)

• Social Security

• Medicare