WorksheetsIntroduction to Payroll Deductions
Total questions: 10
Worksheet time: 5mins
Which statement best describes gross pay?
Money received after all deductions
Money earned before taxes and deductions
Total of voluntary insurance premiums
Employer contributions to benefits plans
Which cost does FICA Medicare help cover?
Employer-paid life insurance
Only retirement savings accounts
Health care for eligible residents
State income tax liabilities
If your Virginia taxable income is $54,000, what is the rounded state tax you owe using the bracket formula?
$720 flat with no extra percent
$2,120 after rounding to dollars
$2,848 after rounding to dollars
$3,600 after rounding to dollars
Which statement best describes a voluntary payroll deduction for insurance premiums?
Money taken for employer health insurance
Money automatically for federal income taxes
Money withheld to repay mandatory loans
Money set aside for union-required dues
Which option is an example of a retirement contribution through payroll?
Depositing into a 401(k) plan
Paying monthly car insurance
Withholding money for property tax
Buying groceries with debit
What does an HRA (Health Reimbursement Arrangement) mainly help with?
Saving on healthcare costs pre-tax
Reducing sales tax on clothes
Covering vacation travel expenses
Increasing overtime wage rates
How is money put into a dependent care FSA taken from an employee’s pay?
Withheld only at year’s end
Added as a bonus after taxes
Charged as a separate monthly fee
Deducted before taxes are taken out
Why do some employees use pre-tax accounts like dependent care FSAs?
To guarantee investment growth each year
To avoid paying any payroll deductions
To increase credit card reward points
To reduce the amount of taxable income
Which of these is an example of dependent care covered by the FSA?
Private music lessons weekly
Buying school textbooks online
Before or after school programs
Home internet service fees
What resource is provided for practicing what you learned about pre-tax reimbursements?
A printed workbook by mail
An interactive online application
A phone hotline for questions
A weekend classroom seminar
