3.02 Payroll Deductions Review
Authored by Virginia Bowen
Mathematics
9th - 12th Grade
CCSS covered
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of FICA taxes?
To fund personal retirement accounts
To support state and local infrastructure projects
To fund Medicare and Social Security programs
To pay for federal income tax obligations
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who benefits from the Medicare and Social Security taxes collected?
Retirees, people with disabilities, and children of deceased workers
Only the employees who paid into the system
The federal government's general fund
State and local governments
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the percentage rate for FICA taxes?
8.65%
7.65%
6.65%
5.65%
Tags
CCSS.6.RP.A.3C
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is state income tax determined?
Based on the state where the employer is located
Based on the employee's choice of state
Based on the state where the employee works or lives
It is a flat rate across all states
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Can you be taxed by both the state you work in and the state you live in?
Yes, but only in certain states
No, double taxation is not allowed
No, unless you opt-in for it
Yes, always
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason for local income taxes in big cities?
To pay for local government projects and services
To support public transportation systems
To subsidize housing for city employees
To fund city-specific healthcare programs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of FICA taxes?
To fund personal retirement accounts
To support state and local infrastructure projects
To fund Medicare and Social Security programs
To pay for federal income tax obligations
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