Paycheck Math 2nd Block

Front

What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions such as taxes and benefits.

Tags

CCSS.7.RP.A.3

Front

What is net pay?

Back

Net pay is the amount of money an employee takes home after all deductions have been made from gross pay.

Tags

CCSS.6.RP.A.3B

Front

What does FICA stand for?

Back

FICA stands for the Federal Insurance Contributions Act, which is a U.S. law that mandates a payroll tax to fund Social Security and Medicare.

Front

What is the Social Security tax rate?

Back

The Social Security tax rate is 6.2% of gross pay.

Tags

CCSS.7.RP.A.3

Front

How do you calculate Social Security tax?

Back

To calculate Social Security tax, multiply the gross pay by the Social Security tax rate (6.2%).

Tags

CCSS.7.RP.A.3

Front

What is the purpose of the federal income tax?

Back

The federal income tax is used to fund government services and programs, including education, defense, and infrastructure.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What is the role of the employer in FICA tax?

Back

Both the employee and employer are responsible for paying FICA tax, with each contributing an equal amount.

Front

What does SSN stand for?

Back

SSN stands for Social Security Number, which is a unique identifier assigned to individuals for tracking earnings and benefits.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after deductions.

Tags

CCSS.7.RP.A.3

Front

What are payroll deductions?

Back

Payroll deductions are amounts withheld from an employee's gross pay for taxes, benefits, and other contributions.