Payroll Deductions
This may be offered by employers to its employees for medical care.
What is Health Insurance?
Uses the market mechanisms on supply and demand to determine this.
What is Price?
Wages deposited by an employer into an employee's bank account electronically are termed this.
What is Direct Deposit?
This person completes the Form W-4 when starting a new job.
Who is the Employee?
Employers use this form to compute the amount of federal income tax to withhold.
What is W4?
This helps pay medical bills if someone is injured on the job.
What is Worker's Compensation?
This uses luck or random selection.
What is Lottery?
The study of people and the choices they make is this.
What is Economics?
A person who owns his/her own business is considered this.
What is self-employed?
Required payments to the national government are these.
What are federal income taxes?
pays employees who lose their jobs through no fault of their own.
What is Unemployment Insurance?
This uses division among multiple parts.
What is Sharing?
This is a fee that a salesperson receives upon completion of a sale.
What is a Commission?
Employees send their payroll taxes directly to the federal government
What is True?
Julie works full-time at Microsoft. Who pays the FICA (social security) contributions on her wages?
Who are Julie and Microsoft?
This provides medical care for retired persons.
What is Medicare?
This is the use of force or orders.
What is Authority?
True or false. Net income is gross income minus payroll deductions
What is True?
True/False. Gross Pay is the final amount earned on a paycheck.
What is False?
When claiming Dependent status on a tax return, is the Relationship Test met by each of the following: a brother, a sister, and a stepchild.
What is Yes?
This provides retirement income after you are 65.
What is Social Security?
This is competition.
What is Contest?
This is the cost of pursing one option instead of another, expressed as the value of the activity you gave up.
What is Opportunity Cost?
Jaylon worked 30 hours last week at a rate of $10 per hour. The payroll deductions were $40 federal income tax, $15 state income tax; and $25 in social security. What was his net pay for the week?
A. $200 C. $245
B. $220 D. $275
What is $220?
. Michaela, a single U.S. citizen, is a 20-year-old full-time student at a university in Ohio. During the school year, Micheala's parents pay her tuition and room and board (about $12,000), and she works part-time to earn spending money. During the summer, Michaela works full-time in an assembly plant. For the entire year, Michaela earned $5,000. Michaela's parents cannot be claimed as dependents on another person's tax return. Can Michaela's parents claim a dependency exemption for her on their tax return?
What is Yes?