Paycheck
The state tax in Massachusetts
What is 5%?
What is $2,191?
This is money taken out of your paycheck for taxes.
What are withholdings?
This is the total amount of money needed to pay for basic needs like housing, food, and transportation.
What is cost of living?
Some states charge taxes on income called
What are State Taxes?
The money you take home after deductions.
What is Net Pay?
This is a person you claim on your taxes, like a child or family member
What is a dependent?
If too little money is taken out of your paycheck, this may happen at tax time.
What is owing money?
This is usually the biggest monthly expense for most adults.
What is rent (or housing)?
Helps pay for medical costs for elderly or people with disabilities
What is Medicare?
The money you earn before any deductions
What is Gross Pay?
Net pay is always higher than gross pay.
What is false?
If too much money is taken out, you may get this.
What is a tax refund?
This type of expense can change month to month, like groceries.
What is a variable expense?
Percentage of your paycheck that goes toward Social Security, which is money that supports retirees, their families, and others who can’t work.
What is 6.2%?
A percentage of your paycheck taken out for income taxes.
What is Federal Income Tax Withholdings
(Fed Tax)
This form tells your employer how much tax to take out of your paycheck.
What is a W-4?
Ed gets paid, and $50 is taken out for health insurance. This is called:
What is a health insurance premium?
This type of expense stays the same each month, like rent.
What is a fixed expense?
The percentage of your paycheck that goes toward Medicare, which helps pay for medical costs for elderly or disabled people.
What is 1.45%?
Your employer offers this, you can contribute a percentage of your pay to it.
What is a 401K?
Pets can be claimed as dependents.
What is false?
Ed earns $500 before taxes. This amount is called:
What is gross pay?
This is when prices for things like food and rent go up over time.
What is inflation?
Money that supports retirees, their families, and others who can’t work.
What are Social Security Taxes?