Paychecks and Taxes 1
Paychecks and Taxes 2
Paychecks and Taxes 3
Paychecks and Taxes 4
Paychecks and Taxes 5
100
What is the most common method for paying employees?
Paycheck
100
Name three ways an employee can be paid.
What is: direct deposit, payroll card, paycheck
100
What is the higher amount?
What is gross pay?
100
Define Net Pay
What is: The amount paid after all deductions are subtracted from the gross pay amount.
100
What is a dependent?
What is: A person who relies on the taxpayer for financial support.
200
What is the most secured way to be paid?
What is: direct deposit
200
Give 2 examples of documentation required to complete the I-9
What is:Birth Certificate, drivers license, passport, and Social Security Card
200
What does FICA stand for?
What is: Federal Insurance Contribution Act
200
What two deductiosn are withheld under the FICA heading?
What is: Social Security & Medicare
200
What 2 forms does every person complete when they begin a new job?
What is: Form W-4 and I-9
300
What approximate percentage of an individual's paycheck is deducted for taxes?
What is: 31%
300
Who writes the tax laws?
What is: The United States Congress
300
What is the percentage of gross pay withheld for SOcial Security?
What is: 6.2%
300
What is the percentage of gross pay withheld for Medicare?
What is: 1.45%
300
What determines the amount of taxes withheld from an employee's paycheck?
What is: The information supplied on the W-4
400
How does a payroll card wrok?
The balance of an employee's net pay is added to the card.
400
Another name for Regulation E is what?
What is: Electronic Fund Transfer Act
400
What is Medicare?
What is: Hospital and Medical insurance for the elderly and disabled
400
What is Social Security?
What is: The nation's retirement program
500
What is year to date on the paycheck stub?
What is: Total of all deductions which have been withdrawn from a paychekc since Jan 1st
500
What is the pay a person actually takes home?
What is: Net Pay
500
What is one benefit for unbanked individuals who get paid with a payroll card?
What is: They do not have to pay check cashing fees
500
What is the form I-9?
What is: The Employment Eligibility Verification Form
500
Is a Social Security Number required for employmetn?
What is: YES
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