Payroll Terms
Total earnings before taxes, insurance, etc have been taken out
What is gross pay?
This is the percentage taken out of your gross pay for Social Security.
What is 6.2%?
This is another term for "credit score".
What is FICO score?
When budgeting, how much of your net pay should go to NEEDS?
What is 50%?
Earnings after taxes, insurance, etc have been subtracted
This is the percentage taken out of your gross pay for Medicare.
What is 1.45%?
This has the greatest impact on your credit score.
What is payment history?
If your NEEDS cost more than the planned amount, in which area should you reduce spending first?
What are WANTS?
The term for things such as taxes, insurance, retirement contributions subtracted from your wages
What are deductions?
If you earned $675 gross pay on every paycheck, and you are paid weekly, this is how much your monthly gross pay would be.
What is $2700?
Your credit score can determine how much you pay for things like cars and homes, because your credit score will determine your __________ _______.
What is "interest rate"?
If your net monthly pay is $4785, how much should you plan to put in SAVINGS each month?
What is $957?
This defines how often wages are calculated and paid
What is pay period?
If you earned $3145 for your gross pay, this is how much your Social Security deduction would be.
What is $194.99?
Young people can begin building credit before the age of 18 by becoming a(n) ___________ _______ on an adult's credit card.
What is "authorized user"?
If your net pay is $2265 and you spend $711 on WANTS, are you staying within your planned budget?
What is NO?
This form verifies an employees identity and legal work eligibility
What is an I-9?
If you earned $1050 for your gross pay, this is how much your net pay would be if you had $71 deducted in Federal taxes and no other deductions except SS and Medicare.
What is $898.67?