Income Gross/Net/Taxes

Front

What is Medicare?

Back

A health care program for the elderly and disabled.

Front

What is the total amount of deductions if Federal Income tax is $44, Social Security tax is $23, Medicare tax is $5, and Health Insurance is $24?

Back

$96

Front

What is net pay?

Back

The amount of a paycheck AFTER all deductions are taken out.

Front

Which of the following is NOT considered a deduction from a paycheck: Medicare Tax, Income Tax, Dental Insurance, or Sales Tax?

Back

Sales Tax.

Front

If your gross pay is $525.50 and your net pay is $446.75, how much money was deducted from your paycheck?

Back

$78.75

Front

What is gross pay?

Back

The total amount of money earned before any deductions are taken out.

Front

What is a deduction?

Back

An amount of money that is subtracted from gross pay, such as taxes or insurance.

Front

What is Social Security tax?

Back

A tax that funds the Social Security program, which provides benefits for retirees and disabled individuals.

Front

What is the purpose of income tax?

Back

To fund government services and programs.

Front

What is health insurance?

Back

A type of insurance that covers medical expenses.