Payroll

What is the proposed method to fund the payroll tax cut extension?

• Borrowing more money

• Cutting government spending

• Asking the wealthiest Americans to pay more

• Increasing sales taxes

What is a key argument against complicating the extension of the payroll tax cut?

• It could set back middle-class families

• It might reduce government revenue too much

• It could lead to inflation

• It might not be effective

It is a tax withheld by employers from each employee's salary and is paid to the government.

• payroll tax

• consumption tax

• inheritance tax

• value added tax

• income tax

__________ is money taken out of your paycheck

• Payroll Deduction

• Tax Deduction

• Gross Pay

• Net Pay

____________ is the money you take home

• Gross Pay

• Net Pay

• Deduction

• Rent

Rolando earns $395. His net pay is $356.

• Income/Payroll Tax

• Sales Tax

• Property Tax

What is the primary purpose of payroll taxes in the United States?

• To fund Social Security and Medicare programs

• To support public education

• To finance infrastructure projects

• To pay for national defense

Which of the following is typically deducted from an employee's paycheck as part of payroll taxes?

• Social Security tax

• Property tax

• Sales tax

• Capital gains tax

What is the term for the total amount of money earned by an employee before any deductions?

• Gross pay

• Net pay

• Payroll deduction

• Disposable income

Which government agency is responsible for collecting payroll taxes in the United States?

• Internal Revenue Service (IRS)

• Federal Reserve

• Department of Labor

• Social Security Administration