WorksheetsCh 2 VOCAB - Understanding Your Paycheck
Total questions: 16
Worksheet time: 8mins
The number of dependents a person has, which reduces the amount of taxes withheld from a paycheck, is called:
deductions from total earnings
Itemized deductions
payroll taxes
withholding allowances
An increase in pay is called:
reduce
raise
lower
stabilize
The same rate of taxation paid by all taxpayers, regardless of income level, is known as:
social security tax
progressive tax
variable tax
flat-rate tax
Which tax contributes to retirement and disability benefits?
Sales tax
State Unemployment tax
State Income tax
Social Security tax
What is anything of value that is offered or provided to employees in addition to wages; also known as fringe benefits?
Customary benefits
Intangible benefits
Employee salaries
Employee benefits
What is the payment employees make for the cost of benefits called?
Job expense
post tax deductions
withholding allowances
pre-tax deduction
Taxes paid by the employee and employer that are used to finance the federal Social Security and Medicare programs are called:
Futa taxes
Suta taxes
FICA taxes
State unemployment taxes
What is the federal health insurance program for people over 65 years of age?
Welfare
Medicaid
Blue Cross
Medicare
What type of tax increases its rate as a person's income increases?
social security tax
progressive tax
universal tax
payroll tax
What is the term for any costs an employee has to pay because of the job he or she was hired to do?
permit fees
office overhead
pre-tax deduction
job expense
What is the term for the amount something is worth in money alone?
relative value
monetary value
functional value
numismatic value
What is the portion of earnings taxed when a person files his or her tax return called?
net income
taxable income
gross income
discretionary income
What is the term for a child or other person whom an individual is supporting financially?
dependent
continuous
avoidant
independent
What is the adjustment to income that comes after the adjusted gross income is determined called?
depletion
denotation
inflation
deduction
What is the term for take-home pay?
Net Pay
Gross Earnings
Pay Stub
Gross Pay
What is the term for payment given for taking on additional work duties or for completing work-related classes?
Grant
Wage
Pension
Stipend
