Employment, Insurance, & Taxes

What is the difference between gross and net pay?

• Gross and net pay are basically the same things.

• Gross pay is before taxes are subtracted but net pay is after taxes are taken out.

• Net pay is a salary and gross pay is from hourly wages.

• Gross pay is after taxes are subtracted but net pay is before taxes are taken out.

What is net pay?

• Gross pay is after taxes are subtracted but net pay is before taxes are taken out.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.

What is gross pay?

• Gross pay is after taxes are subtracted but net pay is before taxes are taken out.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.

Which tax form is used  to provide information about your previous year's pay and deductions from that year?

• W2
• W4
• 1040A
• 1099-INT

Who is responsible for providing the W2 form?

• You
• Your Employer
• Your bank
• The IRS

Which tax form is used to tell your employer the amount of allowances you will be claiming?

• W2
• W4
• 1040EZ
• 1099-INT

When is a W4 form filled out?

• Right before you file your taxes
• When you quit a job
• When you start a job

Who is responsible for filling out a W4 form?

• You
• Your employer
• Your Bank
• The IRS

When is tax day?

• January 1st
• April 1st
• April 15th
• December 31st

Which is NOT a possible tax or deduction that could be taken from your paycheck?

• Sales Tax

• FICA Medicare & FICA Social Secruity

• Federal Income Tax

• State Income Tax