Payroll

What was the payroll tax rate for workers before the recent cut?

• 4.2%

• 6.2%

• 5%

• 3.1%

How much did a typical family making $50,000 save due to the payroll tax cut from 6.2% to 4.2%?

• $1,500

• $1,000

• $3,100

• $2,100

What is President Obama's proposal for the payroll tax rate in 2012?

• Increase to 5%

• Maintain at 4.2%

• Decrease to 3.1%

• Revert to 6.2%

What was John Doe's largest deduction?

• FICA SS

• FICA Medicare

• State Income Tax

• Federal Income Tax

Label the numbers at the bottom of the paystub provided with the options given to you below.

d

c

b

a

YTD Net Income

YTD Gross Income

Current Gross Income

Current Net Income

Looking at John Doe's pay stub, what is the pay period?

• 9/7-9/18

• 9/7-9/17

• 9/25

Circle the Net Pay

a

Gross Pay

YTD Net

Net Pay

What was the current deductions that were taken out of John Doe's paycheck?

• 577.84

• 800.00

• 222.16

• 241.55

What was John Doe's total deductions for this paycheck?

• $577.84

• $222.16

• $800

• $120

How does the payroll tax cut primarily benefit the economy?

• By increasing exports

• By increasing savings

• By boosting demand and business for local companies

• By reducing government spending