WorksheetsPay Stubs Vocab
Total questions: 24
Worksheet time: 18mins
What is the average rate everyone's wages are taxed for FICA - Social Security?
2%
5%
15%
6.2%
What are deductions?
money that goes towards your Social Security
when you pay back money you owe someone
a speical type of tax
any amount of money subtracted from your check
What is a worker's wages based on?
how many days a person works per week
minimum wage
their years of service
how many hours a person works, and their hourly wage
What is a salary?
a fixed regular amount based upon an agreed amount between the employer & employee
any amount of money subtracted for your check
the time period in which an employee worked and is being paid for.
explains how much you earned, how much you pay in taxes, and other monies that were deducted.
What are wages?
a fixed regular payment based upon an agreed amount between the employer and employee
the total amount of your pay, before deductions are made
the payment of money for labor or services performed
the amount you receive after all deductions are made from your total earnings
Which items are OTHER deductions that may come out of your check if you asked for them from your employer?
Recycle Tax
401K retirement, and other voluntary contributions
Tax on your bus ride to school everyday
What is the term for money taken out of a paycheck?
salary
deduction
subtraction
none of the above
The money earned before money is taken out of a paycheck is called what?
net pay
earned pay
gross pay
full pay
The time period in which an employee gets paid is called?
pay check
pay period
time period
none of these
Which are considered mandatory deductions from a paycheck?
social security
medicare
federal income tax
all of these
What is Net pay?
Your Gross pay + any taxes you owe
Your Gross pay - cost of school clothes
Your Gross pay + lunch money
Your Gross pay - your deductions
Gross Pay is the same as Net Pay
True
False
Your deductions are Bigger than your paycheck!
True
False
What is a pay stub?
A form of identification for employees.
A record of an employee's wages, taxes, and deductions.
A monthly report of company profits.
A document outlining company policies.
What purpose do pay stubs serve for employees?
They are used to track work hours only.
They provide proof of residency.
They allow employees to verify their pay is correct, have tax records, and provide proof of income or employment when applying for housing or loans.
They are used for voting in company elections.
What does the abbreviation YTD stand for?
Year to Date
Your Total Deductions
Yearly Tax Deductions
Yearly Total Deposit
Which of the following deductions are mandatory?
Retirement savings
Health insurance premiums
Taxes
Charitable contributions
Which type of deduction can be optional?
Taxes
Retirement savings
Social Security contributions
Medicare contributions
What is the purpose of Federal Income Tax?
To fund personal retirement accounts
To support building federal infrastructure, the military, social programs, and more
To pay for state education and other state programs
To provide healthcare services to all citizens
Do all states have an income tax?
Yes, all states have an income tax
No, not all states have an income tax
Only states with large populations have an income tax
Only states with no federal funding have an income tax
What is State Income Tax used for in the states that have it?
To fund the national defense
To support healthcare services
To fund state education and other state programs
To build federal infrastructure
What benefits does the Social Security Tax fund provide?
Unemployment benefits
Retirement income for people 62 and older
Health insurance for people 65 and older
Education grants
What is the current rate of Medicare Tax?
1.45%
2.9%
6.2%
7.65%
Who benefits from the Medicare Tax?
People 62 and older
People 65 and older
Unemployed individuals
Students
