Understanding Your Paycheck

What is the purpose of a pay check?

• To provide a summary of an employee's work performance

• To detail the amount of money an employee earns for a specific pay period

• To outline the company's financial status

• To list the company's upcoming projects

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Which of the following is typically included on a pay check?

• Employee's favorite color

• Employee's social security number

• Employee's earnings and deductions

• Employee's home address

What does the term "gross pay" refer to on a pay check?

• The total amount of money earned before any deductions

• The amount of money left after all deductions

• The amount of taxes withheld

• The net worth of the company

What is "net pay"?

• The total amount of money earned before deductions

• The amount of money left after all deductions

• The total amount of taxes withheld

• The total amount of bonuses received

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

Which of the following is a common deduction found on a pay check?

• Rent payment

• Grocery expenses

• Federal income tax

• Utility bills

• $2,200

• $3,800

• $2,800

• $3,000

Tags

CCSS.3.OA.D.8

What does the term "withholding" refer to on a pay check?

• The amount of money an employee saves

• The amount of money deducted for taxes

• The amount of money spent on benefits

• The amount of money given as a bonus

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

Which of the following is NOT typically a deduction on a pay check?

• Health insurance premiums

• Retirement contributions

• Vacation expenses

• Social Security tax

If an employee's pay check shows a deduction for "FICA," what does this stand for?

• Federal Insurance Contributions Act

• Federal Income Contribution Allowance

• Federal Investment and Contribution Act

• Federal Insurance and Compensation Act

What is the purpose of a pay period?

• To determine the frequency of pay checks

• To calculate annual bonuses

• To set the company's fiscal year

• To determine the employee's work schedule