Where Does it go
This deduction helps pay for retirement income when you’re older.
Social Security
This form tells your employer how much tax to withhold from your paycheck.
W-4
These taxes pay for schools, roads, and emergency services.
What are local or state taxes?
You earn $500 and $100 is taken in taxes. What’s your net pay?
$400
FICA
6.2
This deduction helps pay for hospitals and doctors after age 65.
Medicare
This form shows how much you earned and how much tax was withheld during the year.
W-2
This type of tax increases as your income increases.
Income tax
ou earn $2,000 per month and pay $150 for insurance and $100 in taxes. What’s your gross pay?
What is $2,000
Medicare
1.45%
The amount you actually take home after deductions.
Net Pay
This agency collects federal taxes
IRS
April 15th is best known as this.
Tax Day
True or False — Your gross pay is always higher than your net pay.
What is True
Health Insurance
2-8%
The total amount you earn before any deductions.
Gross Pay
The letters FICA stand for this.
Federal Insurance Contributions Act
Name one service that federal income taxes help fund.
What is the military / national parks / social programs
If you want less tax taken out of your paycheck, you would claim more or fewer allowances on your W-4?
What is more
Federal Income Tax
10%–22% (depends on income)
Name two taxes or other deductions that come out of your pay check
Could be multiple
FICA Medicare Local School Tax
Insurance, Dues, Retirement
What does IRS stand for
Internal Revenue Service
How much is Pennsylvania's Sales Tax
6%
About how much is taken out of your paycheck? what percentage?
20%
State income tax
0%–8% (varies by state)
PA is 3.07%