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Taxes
Paycheck Vocab
Deductions
Vocab #2
Mis
100
Tax that I would pay if I went to Kohl's to purchase a new dress.
What is Sales Tax
100
the length of time for which wages are calculated
What is pay period
100
What is a mandatory deduction that could be taken out of a pay check
What is FICA, income taxes
100
What is meant by earned income?
What is money that one worked for
100
What does Social Security fund?
What is retirement
200
Tax on earned and unearned income
What is Income Tax
200
the total amount of money earned for working
What is Gross Pay
200
What would be an optional deduction that could be taken out of a pay check
What is medical, retirement, spending account
200
What would be an example of unearned income?
What is lottery winnings, interest off a CD or savings account, sale of stock
200
Name a fee attached to a payroll card?
What is various answers
300
What two taxes does FICA include?
What is Social Security and Medicare
300
What percentage is Social Security deducted at?
What is 6.2%
300
What percentage is Medicare deducted at?
What is 1.45%
300
Which payment method is the most common?
What is paper paycheck
300
Which is higher net or gross income?
What is net income?
400
Give an example of something that an excise tax
What is hotel room, airline tickets
400
the amount of money left after all deductions have been paid
What is net pay
400
What is the largest deduction from a pay check?
What is Federal Income Tax
400
What would be a positive for having direct deposit?
What is secure/know check is there
400
Give an example of negative of having direct deposit
What is have to an account at a bank
500
This tax is determined by a set percentage of earned income
What is payroll taxes.
500
This is used by employers to determine how much deductions to with hold?
What is W- 4
500
What is used by employers to outline the deducations made to your wages?
What is pay check stub
500
Federal form used to identify a person.
What is I-9
500
How is income tax determined?
What is based on how much one makes