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Understanding Your Paycheck

Authored by John Robinson

Social Studies

12th Grade

Understanding Your Paycheck
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is net pay?

The amount of pay earned for the total number of hours worked.

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.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a possible tax or deduction that they may show up on your paycheck?

Federal income tax

Contributions to retirement savings

FICA

All of the above

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When you start a new job, you fill out a W-4 form to _________.

determine how much your gross pay should be.

file your tax return.

avoid paying income taxes on your paychecks.

to determine how much federal income tax your employer should withhold from your paychecks.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of a paycheck stub?

To show the breakdown of earnings and deductions

To provide a summary of annual earnings

To calculate annual taxes

To apply for a loan

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is typically not found on a paycheck?

Gross pay

Net pay

Social Security number

Employee ID

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does FICA stand for on a paycheck?

Federal Insurance Contributions Act

Federal Income and Contributions Act

Federal Investment and Contributions Act

Federal Insurance and Compensation Act

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a mandatory deduction from most paychecks?

Health insurance premium

Union dues

Federal income tax

Charitable donations

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