Gross Pay/Net Pay

________________________ is what you earned BEFORE deductions.

• Bonus Pay

• Gross Pay

• Net Pay

• Overtime Pay

________________________ is what you earned AFTER deductions.

• Bonus Pay

• Gross Pay

• Net Pay

• Overtime Pay

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Which of the below is NOT a deduction?

• Federal income Tax

• State Income Tax

• Social Security Tax

• Capital Gains Tax

A "withholding allowance" for Federal Income Tax is...

• ...an exemption you claim based on the number of people you support.

• ...a way to make extra money for doing a chore, like taking out the garbage.

• ...the money that the government charges you for having too many kids.

• ...the first $2,500 you earn.

What is the rate for Social Security?

• 1.45%

• 6.2%

• 7.45%

• 10%

Tags

CCSS.7.RP.A.1

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What is the rate for Medicare?

• 1.45%

• 6.2%

• 7.45%

• 10%

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.1

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Which statement below is TRUE?

• Social Security is deducted with EVERY paycheck.

• EVERY State collect State Income Tax.

• People who get paid monthly do not have taxes deducted from their gross pay.

• Medicare is deducted with EVERY paycheck.

The acronym "FICA" stands for...

• ...First In Counting Aloud

• ...Federal Investigators Cannot Argue

• ...Federal Insurance Contributions Act

• ...Financial Insurance Collective Agency

After exemptions, a person's annual gross pay is $54,800. If the state income tax rate is 5%, what is the annual deduction for state income tax?

• $5

• $105.38

• $2,740

• $5,480

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

A person's weekly gross pay is $1,500. The deductions are: Federal income tax is $120, State Income Tax is $60.25, Social Security tax is $93, Medicare is $21.75, and Health Insurance is $55. What is the person's net pay?

• $1,350

• $1,295

• $1,195

• $1,150

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3