Terms
Money taken out of your check is called ___ tax
Income
George makes $25 an hour and works 40 hours whats his gross pay
$1000
If Trent gets paid every other Wednesday and gets paid $7.25 an hour what is his pay rate and pay period
$7.25
biweekly
FICA acronym
Federal income collection act
These taxes help out Effingham county
local/county taxes
Waylon makes $15 an hour and works 30 hours whats his gross pay
$450
If Brent gets paid every Wednesday and gets paid $8 an hour what is his pay rate and pay period
weekly
$8
Where do your federal taxes go
Federal programs
Program that acts as health insurance for older people
Medicare
Maverick makes $4 an hour and works 35 hours whats his gross pay
$140
If Prent gets paid on the first Monday of the month and gets paid $19.99 an hour what is his pay rate and pay period
$19.99
monthly
Where do State taxes go
help state
Program that acts as another source of retirement income
Social Security
Hadley makes $37 an hour and works 40 hours whats his gross pay
$1480
If Wrent gets paid every third month and gets paid $9.99 an hour what is his pay rate and pay period
Quarterly
$9.99
Average age people can start using social security and medicare
65
Whats the difference between net and gross pay
net is after tax gross is before
Elenor makes $7.25 an hour and works 40 hours whats his gross pay
$290
If Vent gets paid every time the earth goes around the sun and gets paid $7.25 an hour what is his pay rate and pay period
Annually
$7.25
Jeff has a Gross income of $800
Income tax 8%
FICA 6%
Medicare 2%
State tax 4%
What is his net pay
$640