Payroll and Taxes #2

What does FICA stand for?

• a soccer league

• taxes paid to the state government

• taxes paid to the US government

• money taken out for Social Security and Medicare benefits when you retire

What is a 401k?

• money that is given to charity

• taxes paid to the state government

• taxes paid to the US government

• a voluntary deduction sometimes matched by the employer

What is gross pay?

• money paid at 1.5 times the rate

• your pay before deductions are taken out

• taxes paid to the US government

• money taken out for Social Security and Medicare benefits when you retire

What does YTD stand for?

• your tax deduction

• taxes paid to the state government

• taxes paid to the US government

• so far this year

What is a pay stub?

• a very tiny paycheck

• taxes paid to the state government

• part of a paycheck that shows your deductions; it is for your records

• money taken outfor Social Security and Medicare benefits when you retire

What are state income taxes?

• when you say it out loud

• taxes paid to the state government

• taxes paid to the US government

• the part of your paycheck showing deductions

What are federal income taxes?

• the extra cost of purchasing a product

• taxes paid to the state government

• taxes paid to the US government

• money taken out for SS & Medicare benefits when you retire

What is net pay?

• the cost of fish you catch

• taxes paid to the state government

• taxes paid to your town/city

• your pay after deductions are taken out

What is a deduction in the context of a paycheck?

• money that is subtracted or taken out of your paycheck

• items dropped off at Good will

• taxes paid to the US government

• the standard one is $13,850

How much is social security in the context of payroll deductions?

• 7.65 %

• 5.5 %

• 6.2 %

• 1.45 %