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WorksheetsCash Course: What is a Paystub?
Total questions: 10
Worksheet time: 5mins
What is deducted from your gross pay to get your net pay?
Hourly rate
Overtime pay
Deductions
Bonuses
What are the three general categories of deductions?
Federal, State, Local
Vacation, Sick Leave, Personal Days
Taxes, Retirement, Insurance
Healthcare, Vision, Dental
What does the pay period indicate?
The total amount of your deductions
The time period you are being paid for
The number of hours you worked
The amount of taxes you owe
What is gross pay?
The total hours you worked in a pay period
The total amount you've earned before deductions
Your take-home pay after deductions
The amount of money you save for retirement
What taxes are paid to the federal government?
Income tax, Social Security tax, Medicare tax
State tax, Local tax, Sales tax
Luxury tax, Estate tax, Gift tax
Property tax, Excise tax, Tariff
What is a 401k?
A healthcare plan
A retirement savings account
A federal tax
A type of insurance plan
What should you do if you find errors on your pay stub?
Ask for a raise
Deduct them from your taxes
Report them to your supervisor or payroll department
Ignore them
How can contributions to certain retirement accounts affect your taxes?
Increase your taxable income
Have no effect on your taxes
Reduce the amount of income tax you pay
Result in higher state taxes
What is the benefit of an employer matching your retirement account contributions?
It increases the amount saved for retirement
It covers your healthcare costs
It doubles the taxes you owe
It reduces your gross pay
Why is it important to plan using your net pay instead of your gross pay?
To increase your gross pay
To avoid paying taxes
To ensure you meet your budget and personal goals
To reduce the amount of work you do
