Payroll Deductions Quiz

Each of these is a common payroll deduction EXCEPT...

• Office supplies and equipment

• Federal income taxes

• FICA

• Health insurance plan

Tags

CCSS.6.RP.A.3B

Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?

• $206

• $254

• $300

• $394

Tags

CCSS.6.NS.B.3

Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

• He can take all three for $25,450 in deductions

• He can take the $7,000 and the $12,950 for $19,950 in deductions

• He can take the $5,500 and the $12,950 for $18,450 in deductions

• He can take the $5,500 and the $7,000 for $12,500 in deductions

Tags

CCSS.7.NS.A.1D

Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. Her W-2 states that $2,670 was withheld in federal tax. This means that Maricela...

• Has to pay $177 in taxes owed

• Will receive a refund of $177

• Will pay $177 less in taxes next year since she overpaid this year

• Should speak to her employer to get the $177 in extra taxes that they withheld

Tags

CCSS.6.NS.C.5

Which statement best describes the difference between being paid a wage versus being paid a salary?

• A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

• A wage is paid based on how many hours you work, while a salary is a fixed amount paid regardless of the number of hours

• A wage is paid every two weeks, while a salary is paid monthly

• A wage is paid to part-time employees, while a salary is paid to full-time employees

Who should consider completing a W-4 form?

• Aaliyah, who wants to enroll in her company’s 401(k) program for the first time

• Bruno, who just adopted a baby and wants to adjust his tax withholdings

• Carter, who is considering a career change and wants to update his resume

• Denise, who doesn’t like her company’s health insurance plan options

Given that f(x) = -4x + 7, which of the following ordered pairs represents f(2)?

• (2, -1)

• (2, 6.5)

• (2, -1.25)

• (2, 1)

Tags

CCSS.6.NS.C.7C

Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Which equation represents Tamara’s net pay, where x represents her gross pay per pay period?

• f(x) = 0.11x + 200

• f(x) = 0.11x - 200

• f(x) = 0.89x + 200

• f(x) = 0.89x - 200

Tags

CCSS.6.NS.B.3

What is the marginal tax rate for FICA on earnings greater than $147,000 up to $200,000?

• 1.45%

• 7.65%

• 2.35%

• 3.00%

Tags

CCSS.6.RP.A.3D

The total earnings paid to an employee after payroll taxes and other deductions.

• Total Earnings

• Net Pay

• Payroll Register

• Withholding Allowance