What is Gross Pay?
Gross Pay/Net Pay

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Gross Pay is the total amount of money earned by an employee before any deductions are made.
2.
FLASHCARD QUESTION
Front
What is Net Pay?
Back
Net Pay is the amount of money an employee takes home after all deductions, such as taxes and insurance, have been subtracted from Gross Pay.
3.
FLASHCARD QUESTION
Front
What does FICA stand for?
Back
FICA stands for Federal Insurance Contributions Act, which includes Social Security and Medicare taxes.
4.
FLASHCARD QUESTION
Front
What is the purpose of Federal Income Tax?
Back
Federal Income Tax is a tax levied by the federal government on an individual's income to fund government services and programs.
5.
FLASHCARD QUESTION
Front
Do employees in Florida pay State Income Tax?
Back
No, employees in Florida do not pay State Income Tax.
6.
FLASHCARD QUESTION
Front
What is the Medicare tax rate?
Back
The Medicare tax rate is 1.45% of an employee's gross pay.
7.
FLASHCARD QUESTION
Front
What is Social Security tax?
Back
Social Security tax is a federal tax that funds the Social Security program, providing benefits for retirees, disabled individuals, and survivors.
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