Unit 3 Quiz 1 AFA

What does FICA consist of?

• Health Insurance

• Social Security & Medicare

• Federal & State Taxes

• Employer Sponsored Retirement

What are 2 examples of discretionary spending?

• Social Security

• Education

• Military

• Medicare

All of the following options are benefits we receive as a result of government spending EXCEPT…

• Air quality

• Credit card debt forgiveness

• Public school education

• National Parks maintenance

What is the difference between gross pay and net pay?

• Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay.

• Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay.

• There is no difference between gross and net pay.

Tags

CCSS.7.RP.A.3

What are Pre-Tax Deductions and Contributions?

• Contributions taken out of your paycheck BEFORE taxes are calculated on your income

• Contributions taken out of your paycheck AFTER taxes are calculated on your income

What are two examples of Employer Contributions?

• 401k & Roth IRA

• Traditional & Roth IRA

• Federal & State Taxes

• Health Insurance & 401k

Hope's employer deposits her paycheck directly into her checking account. How much would her employer have deposited into Hope's checking account on the most recent payday of 5/21/20?

• $40.00

• $284.79

• $315.21

• $600.00

Tags

CCSS.6.NS.B.3

Assuming that Hope receives a paycheck at regular intervals similar to the stub shown, how many pay periods has Hope had year-to-date (YTD)?

• 2

• 3

• 8

• 9

Tags

CCSS.7.EE.B.3

Look at the lines that say HEALTH, DENTAL, and RETIREMENT. Which statement below is accurate?

• Those lines represent taxes that Hope paid to the Federal government.

• Those lines represent taxes that Hope paid to the state government.

• Those lines represent benefits that the employer is paying to Hope in addition to her wages.

• Those lines represent insurance and retirement plans that Hope funds directly from her paycheck.

One of Hope’s coworkers quits, and during the next pay period Hope works 60 hours instead of 40 to help cover the shifts. Which of Hope’s deductions will change as a result?

• Her Federal Tax

• Her Health

• Her Dental

• Her Retirement

Tags

CCSS.7.EE.B.3