MONEY, MONEY, MONEY
This is the total amount you earn before any deductions are subtracted.
What is …..
Gross pay
Amounts deducted from your gross pay is called this..
What is …..
Deductions
A money order can never bounce.
What is …….
True
A standard full work week is how many hours.
What is .........
40 hours
Last week, Josie worked 45 hours at her job. Her regular hourly rate is $10. What was Josie’s gross pay last week if her company paid the typical rate of overtime pay?
What is.......
$475.00
To request your bank not to honor a specific check.
What is …..
Stop Payment
When all deductions are taken out of your gross pay, the amount left is your
What is ……
Net Pay
Some deductions are required by law, but others are optional.
What is …….
True
An employee required to work on a paid holiday is usually paid 1.5 times his or her regular hourly rate of pay. (hint: is it true or false)
What is .......
False
Last week Andy worked 44 hours at his job. His regular hourly rate is $12 and his employer pays the typical rate for overtime. He had the following deductions:
Federal income tax: $40.00
State income tax: $25.00
Social Security tax: $34.22
Medicare tax: $8.00
Health insurance: $15.00
Calculate Andy’s net pay for the week.
What is .......
$429.78
A fixed annual amount of gross pay.
What is....
Salary
This rule states that you send money to your savings automatically first before you spend anything.
What is...….
Pay Yourself Rule
Allowances are additions to the amount of income tax that must be withheld from your paycheck.
What is ......
False
A type of incentive pay based on quality of work done or years of service on the job is called a
What is …….
Bonus
The Social Security deduction is withheld at a standard rate of 6.2 percent. Suppose your gross pay this week is $500. How much Social Security tax will be withheld from your paycheck?
What is .......
$31.00
This is money offered by your company to encourage the employees to strive for higher level of performance.
What is …..
Incentive
A law that mandates that the employers withhold taxes from employee pay and make matching contributions to fund Social Security and Medicare programs.
What is......
FICA (Federal Insurance Contributions Act)
When an employee is entitled to his or her full retirement account, the employee is said to be vested in the account.
What is.......
True
For employees, the Social Security deduction is withheld at the rate of (HINT: This is a percentage)
What is …..
6.2%
The Medicare deduction is withheld at a standard rate of 1.45 percent. Suppose your gross pay this week is $750. How much Medicare tax will be withheld from your paycheck?
What is ......
$10.88
The overtime rate is _________times of the regular rate.
What is .......
Time and a half or 1.5
They manages federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt.
What is .......
United States Department of the Treasury
Employers must contribute matching amounts into each employee’s Medicare and Social Security accounts.
What is …..
True
In most cases, the amount of "take-home pay" an employee receives is (HINT: It is a percentage)
What is …
65-70% (Of your gross pay)
Martin is a salaried employee who earns $30,000/year. He is paid on the 1st and 15th of every month. What is his gross pay per paycheck?
What is .........
$1,250.00