Payroll Deductions Flashcard

Flashcard
•
Financial Education
•
12th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the term for the total amount of money earned before any deductions?
Back
Gross Pay
2.
FLASHCARD QUESTION
Front
Which of the following is a type of voluntary deduction? Federal Income Tax, State and Local Income Taxes, Health Insurance, FICA Taxes
Back
Health Insurance
3.
FLASHCARD QUESTION
Front
Which tax is specifically for retirement benefits?
Back
Social Security
4.
FLASHCARD QUESTION
Front
Which deduction is specifically for funding healthcare services?
Back
Medicare
5.
FLASHCARD QUESTION
Front
What is Net Pay?
Back
The amount of money you get after taxes and deductions
6.
FLASHCARD QUESTION
Front
Gross Pay is calculated before which of the following?
- Taxes and other deductions
- Savings contributions
- Investment returns
- Loan payments
Back
Taxes and other deductions
7.
FLASHCARD QUESTION
Front
Which of the following best describes Net Pay? Earnings before any deductions, Earnings after taxes and deductions, Total annual salary, Monthly gross income
Back
Earnings after taxes and deductions
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