9-1 Pay Stubs Business U

What is a 401(k)?

• A type of income tax

• An employee-sponsored qualified retirement plan

• A payroll deduction

• A type of pay stub

What does the Internal Revenue Service (IRS) do?

• Provides health insurance

• Enforces tax law and collects taxes

• Manages retirement plans

• Issues pay stubs

What is net pay?

• Total earnings before deductions

• Earnings after all payroll deductions

• A type of tax

• A retirement plan

What is a pay stub?

• A tax form

• A summary of total earnings and deductions

• A retirement plan document

• A type of payroll tax

What are payroll deductions?

• Taxes imposed by the government

• Involuntary and voluntary amounts withheld from earnings

• A type of retirement plan

• A summary of earnings

What are payroll taxes?

• Taxes on goods and services

• Taxes imposed based on employee earnings

• Taxes on property

• Taxes on retirement plans

What is a post-tax payroll deduction?

• Deduction before taxes

• Deduction after all necessary taxes

• A type of income tax

• A retirement plan contribution

What is a pre-tax payroll deduction?

• Deduction after taxes

• Deduction before any taxes are withheld

• A type of income tax

• A retirement plan contribution

What is a qualified retirement plan?

• A type of income tax

• An IRS-approved retirement plan with benefits

• A summary of earnings

• A payroll deduction

What are total earnings?

• Earnings after deductions

• The total money paid during an accounting period

• A type of tax

• A retirement plan contribution