What is the difference between an employee's gross earnings and net pay?
Owed to the IRS

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Business
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4th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net pay includes only federal taxes.
Gross earnings include all deductions, while net pay is before deductions.
Gross earnings are the total earnings before deductions, while net pay is after deductions.
Net pay is the total earnings before any deductions.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which taxes are shared between an employer and an employee?
401K contributions
State income tax
Federal income tax
Social Security and Medicare taxes
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of Social Security tax is owed by both the employer and the employee?
10%
1.45%
6.2%
7.65%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the amount owed to the IRS by an employer calculated for an employee?
By subtracting state taxes from federal taxes
By only considering the federal income tax withheld
By doubling the sum of Social Security and Medicare taxes plus federal income tax withheld
By adding all state and federal taxes withheld
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the responsibility of a self-employed individual regarding Social Security and Medicare taxes?
They pay only half of the tax amount.
They pay only the Medicare tax.
They are exempt from these taxes.
They are responsible for the entire tax amount.
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