PayStub Quiz

What is a pay stub?

• A form of identification for employees.

• A record of an employee's wages, taxes, and deductions.

• A monthly report of company profits.

• A document outlining company policies.

Tags

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

How often are pay stubs typically given to employees?

• With every paycheck.

• Once a month.

• Annually with tax returns.

• At the end of each project.

What purpose do pay stubs serve for employees?

• They are used to track work hours only.

• They provide proof of residency.

• They allow employees to verify their pay is correct, have tax records, and provide proof of income or employment when applying for housing or loans.

• They are used for voting in company elections.

What does Gross Pay refer to?

• The amount of pay after taxes and deductions

• The total amount from January 1st to the current pay period

• The amount of pay before any taxes, benefits, or other deductions are taken out

• The amount paid to the employee on their paycheck

What is Net Pay?

• The amount of pay before any taxes, benefits, or other deductions are taken out

• The total amount from January 1st to the current pay period

• The amount of pay after taxes, benefits, or other deductions are taken out

• The abbreviation for Year to Date

Tags

CCSS.7.NS.A.1

What does the abbreviation YTD stand for?

• Year to Date

• Your Total Deductions

• Yearly Tax Deductions

• Yearly Total Deposit

Tags

CCSS.RI.7.7

CCSS.RI.8.7

CCSS.RL.7.7

CCSS.RL.8.7

CCSS.RL.6.7

What are deductions in the context of an employee's paycheck?

• Bonuses added to an employee's paycheck

• money taken out from an employee's paycheck, usually to pay taxes and benefits

• The total amount of money an employee earns before taxes

• The amount of money an employee takes home after work hours

Tags

CCSS.7.NS.A.1

CCSS.7.RP.A.3

CCSS.7.RP.A.2

Which of the following deductions are mandatory?

• Retirement savings

• Health insurance premiums

• Taxes

• Charitable contributions

Which type of deduction can be optional?

• Taxes

• Retirement savings

• Social Security contributions

• Medicare contributions

What is the purpose of Federal Income Tax?

• To fund personal retirement accounts

• To support building federal infrastructure, the military, social programs, and more

• To pay for state education and other state programs

• To provide healthcare services to all citizens

Tags

CCSS.HSA.CED.A.3