PAYCHECK BASICS
This term refers to the total amount you can earn before any deductions are taken out
What is gross pay
This tax is taken out of your paycheck and sent to the federal government.
What is federal income tax
Money taken out of your paycheck for health insurance is considered this type of deduction.
What are other deductions
This is the general name for the paperwork you submit to the government each year to report your income.
What is a tax return
If you earn $500 but only receive $420 after deductions, this is the type of pay you received.
What is net pay
This is the amount of money you actually take home after deductions.
What is net pay
This tax goes to the government of the state where you work.
What is state income tax
Money you choose to set aside for retirement goes into this type of account.
This date is known as “Tax Day” in the United States.
What is April 15
FICA deductions include these two major programs.
What are Social Security and Medicare
This part of your pay stub tells you the dates your paycheck covers.
What is the pay period
This form tells your employer how much federal tax to withhold from your paycheck.
What is W-4
This line on your pay stub shows the total amount taken out for taxes and benefits.
What are total deductions
Your employer sends you this form each January showing how much you earned the previous year.
What is a W-2
If your hours worked don’t match what’s on your pay stub, this is the person you should talk to.
Who is your employer or supervisor
These letters stand for the total amount you’ve earned so far this year.
What is Y-T-D (Year-to-Date)
This payroll tax funds Social Security and Medicare.
Bonus 200 pts: Tell me what it stands for
What is FICA
Bonus: Federal Insuracne Contributions Act
This tax funds healthcare for people age 65 and older.
If you file your taxes incorrectly, you may face these consequences.
What are penalties or delays
If you earned $10,000 this year, do you need to file?
YES
If you work more than 40 hours in a week, you may earn this type of pay.
What is overtime
This is the percentage of your paycheck that goes toward Social Security.
If too much tax is withheld from your paycheck, you may receive this after filing your taxes.
What is a tax refund
This federal agency is responsible for collecting taxes.
Bonus 200 pts : Tell me what it stands for
What is the IRS
Bonus: Internal Revenue Service
If you get paid in cash do you still have to pay taxes?
YES