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Interpreting A Paycheck

Total questions: 22

Worksheet time: 52mins

Name
Class
Date
1.

Gross and Net Pay are the same thing.

a)

True

b)

False

c)

Depends

2.

Your paycheck will look like everyone else's

a)

True

b)

False

c)

Depends

3.

It isn't necessary to understand each deduction because the company knows what it is.

a)

True

b)

False

c)

Depends

4.

Two things that will always be withheld from your earnings are Federal Income Tax and Social Security.

a)

True

b)

False

c)

Depends

5.

All states require their residents to play state income tax.

a)

True

b)

False

c)

Depends

6.

If you don't understand something on your paycheck, it's okay to ask the payroll clerk about it.

a)

True

b)

False

c)

Depends

7.

Gross Pay is __________.

a)

pay that is disgusting

b)

the salary you earn

c)

your take-home pay

d)

the celery you earn

e)

you're take-home pay

8.

Net Pay is __________.

a)

your earnings without deductions

b)

your earnings after deductions

c)

a special tax

d)

only for fisherman

e)

added to your gross pay

9.

An earnings statement tells you _________.

a)

the amount of your gross pay, deductions, and net pay

b)

the name of your union representative

c)

your yearly salary minus half your social security

d)

secrets about the company

e)

only your earnings without deductions

10.

A deduction is an amount that is __________.

a)

added to your gross pay

b)

subtracted from your net pay

c)

subtracted from your gross pay

d)

added to your gross pay

e)

observable from a distance

11.

Federal Income Tax is the money you__________.

a)

pay to the state

b)

keep from the government

c)

pay to the U.S. Treasury

d)

give to your mother

e)

pay to the U.S. Traesurey

12.

FICA is the same thing as ________.

a)

credit union

b)

United Way

c)

Social Security

d)

State Income Tax

e)

a nuisance

13.

Disability Insurance supports employees who can't work because they are ______________.

a)

injured or ill

b)

on vacation

c)

working for the union

d)

actively looking for work

e)

working at least 20 hours a week

14.
True or False : The Gross income equation is hours x wage?
a)
True 
b)
False 
15.
True or False: The net income equation is hours x wage?
a)
True 
b)
False 
16.
Required charges of citizens by local, state and federal governments
a)
Payroll 
b)
Deductions
c)
Taxes 
17.
Which one of the following would be listed under other deductions?
a)
Federal 
b)
State 
c)
FICA
d)
Meals 
18.
Social security and medicare fall under 
a)
FICA 
b)
State 
c)
Federal 
d)
401K
19.
Jada works for Fedex. She gets paid every two weeks. This is called ______________________.
a)
Monthly
b)
Weekly
c)
Bi Weekly 
d)
Semi Monthly 
20.
Jordan works for International Paper. He only gets paid once a month. This is called __________________.
a)
Bi Weekly
b)
Semi- monthly
c)
Monthly 
d)
Weekly
21.
TJ is the lead point guard for the Memphis Grizzlies. He gets paid every week a total of six thousand dollars. This is called __________________.
a)
Weekly 
b)
Semi Monthly 
c)
Bi Weekly 
d)
Monthly 
22.
True or False: Social Security  helps provide retirement income for the elderly and pays disability benefits
a)
True 
b)
False