October 29- Warm-Up Quiz- Understanding Your Paycheck

What is a pay stub?

• A record of an employee's wages, taxes, and deductions

• A summary of an employee's work schedule

• A list of an employee's benefits

• A report of an employee's performance

What is one use of a pay stub outside of employment?

• Applying for a driver's license

• Applying for housing or loans

• Registering to vote

• Enrolling in school

Which term is used to describe the total earnings from the start of the year to the current date?

• Net Pay

• Gross Pay

• YTD

• Total Pay

What are deductions in the context of an employee's paycheck?

• Additional wages added to an employee's paycheck

• Wages withheld or subtracted from an employee's paycheck

• Bonuses given to employees

• Extra hours worked by an employee

What are deductions usually used to pay for?

• Employee's personal expenses

• Taxes and benefits

• Employee's travel expenses

• Employee's entertainment costs

Which of the following is a mandatory deduction?

• Retirement savings

• Taxes

• Health club membership

• Charitable donations

What is the purpose of the Federal Income Tax?

• To fund state education

• To support building infrastructure, the military, social programs, and more

• To pay for local government projects

• To provide healthcare services

At what age does the Social Security program provide retirement income?

• 60

• 62

• 65

• 67

Which taxes fund Social Security and Medicare benefits?

• Income Tax

• FICA

• Sales Tax

• Property Tax

Which of the following is a reason companies offer retirement contributions?

• To increase employee workload

• To help employees save for retirement

• To reduce employee salaries

• To provide immediate cash benefits