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Paycheck Analysis/Paycheck Practice

Total questions: 52

Worksheet time: 2hrs 43mins

Name
Class
Date
1.

Gross and Net Pay are the same thing.

a)

True

b)

False

c)

Depends

2.

Three things that will always be withheld from your earnings are Federal Income Tax, Social Security, and Medicare

a)

True

b)

False

c)

Depends

3.

All states require their residents to pay state income tax.

a)

True

b)

False

4.

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

5.

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

6.

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

7.

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

8.
Social security and medicare fall under 
a)
FICA 
b)
State 
c)
Federal 
d)
401K
9.
Jada works for Fedex. She gets paid every two weeks. This is called ______________________.
a)
Monthly
b)
Weekly
c)
Bi Weekly 
d)
Semi Monthly 
10.
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 
11.

The actual amount of money you "take home" is

a)

Gross Pay

b)

Never Enough

c)

Net Pay

d)

Payroll Income

12.

Your net income is the money/amount deposited in your bank account.

a)

TRUE

b)

FALSE

13.

What's a check stub?

a)

What you give to the bank to deposit.

b)

The part of a paycheck that lists deductions from your salary

c)

It's an envelope.

14.
When should you fill out a W-4?
a)
When you quit a job
b)
When you have 401K benefits 
c)
When you start a new job
d)
Whenever you feel like it
15.
Why do you need to fill out a W-4?
a)
It lets your employer determine what kind of health insurance you need.
b)
It helps your employer determine what percentage of your income should be deducted for taxes.
16.

A portion of one’s personal income paid to a government.

a)

Income

b)

Gross Pay

c)

Net Pay

d)

Income tax

17.

Time worked beyond your regular hours

a)

Wage

b)

Overtime

c)

Net Pay

d)

Gross Pay

18.
Amounts subtracted from your gross pay
a)
Deductions
b)
Income
c)
Taxes
d)
Gross Pay
19.

YTD stands for:

a)

Yes to Dancing

b)

Your Team Discussion

c)

Year to Date

20.

Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)

a)

Social Security

b)

State

c)

Medicare

d)

Sale

21.

When you are ready to file for taxes you must have form

a)

W-2

b)

W-6

c)

WD40

d)

W-2484

22.

Employees who are paid biweekly are paid twice a week.

a)

True

b)

False

23.

A W-2 tells you --

a)

the amount you earned from an employer in a year period

b)

how much you will get back on your taxes

c)

how valuable you are to you employer

24.

Texans pay state income tax...

a)

Yes they do.

b)

NO, they don't!

25.

What form do you need to fill out to determine your tax withholding?

a)

W-2

b)

W-4

c)

W-9

d)

W-8BEN

26.

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

a)

Net Pay

b)

Gross Pay

c)

Adjusted Pay

d)

Base Pay

27.

​ ​ ​ (a)   pay is the amount you take home after deductions have been subtracted.​​

Choose from the below words
Golden
Premium
Net
Gross
28.

What is the difference in Gross Pay and Net Pay

a)

Gross pay describes your pay after deductions; net pay is before.

b)

Gross and net pay are the same.

c)

Net pay describes your pay after deductions; gross pay is before.

d)

None of above

29.

Schedule which employer pays

a)

W-4

b)

Pay Date

c)

Pay Stub

d)

Pay Period

30.

Federal government program that supports health care for individuals over 65

a)

Social Security

b)

Salary

c)

Medicare

d)

Income Insurance

31.
Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?
a)
Gross Income
b)
Net Income
c)
Both Gross and Net Income
d)
None of the above
32.

What does FICA stands for?

a)

For Insurance Contributing Animals

b)

Formal Initiative Costing Association

c)

Federal Insurance Contributions Act

d)

None of the above

33.
What is the employer name?
a)
John Smith
b)
John S. Ltd
c)
John
d)
 John Ltd.
34.
What is the length of the pay period?
a)
two weeks
b)
one week 
c)
a month
d)
three weeks 
35.

The date range you are being paid for

a)

Pay Period

b)

Paystub

c)

Rate

d)

YTD

36.

A 401(k) refers to:

a)

Additional current income

b)

Taxes

c)

Insurance

d)

A retirement plan

37.

YTD stands for:

a)

Year to Date

b)

Year Tax Date

c)

Yearly Tax Date

d)

Your Total Deductions

38.
What is the gross amount for the year?
a)
6,590.59
b)
22,400
c)
15,809.41
d)
2,240
39.

The ___________ will explain how much you earned, the time period you are being paid for, how much you paid in taxes, and what deductions have been made.

a)

Net Pay

b)

Gross Pay

c)

Paystub

d)

FICA-Social Security

40.

Health Insurance is an example of a common paycheck deduction.

a)

True

b)

False

41.

Year to Date (YTD) refers to the period from the beginning of the year until present.

a)

True

b)

False

42.

_ is circled in purple

(a)  

43.

_ is circled in red.

(a)  

44.

What are the total amount of deductions for this pay period?

a)

$542.88

b)

$10.44

c)

$188.14

d)

$92.40

45.
money that is subtracted from your paycheck and given to the federal government to help run the country
a)
Local Tax
b)
State Tax
c)
Federal Tax
46.
money that is subtracted from your paycheck and given to your state's government to help run the state
a)
Local Tax
b)
State Tax
c)
Federal Tax
47.

The actual amount of money you "take home" is

a)

Gross Pay

b)

Never Enough

c)

Net Pay

d)

Payroll Income

48.

Employers are required to pay all employees overtime.

a)

TRUE

b)

FALSE

49.
How many hours were worked this pay period?
a)
28
b)
40
c)
80
d)
50
50.

How much does she pay for federal income tax?

a)

27.53

b)

0

c)

6.05

d)

45.58

51.

You don't need to review your pay stub for errors.

a)

True

b)

False

52.

Hope's employer deposits her paycheck directly into her checking account. How much would her employer have deposited into Hope's checking account on the most recent payday of 5/21/20?

a)

$40.00

b)

$284.79

c)

$315.21

d)

$600.00

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