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Duplicate of Paycheck Basics Flashcards | StudBud

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Duplicate of Paycheck Basics

10 terms·StudBud Administration·20 plays

The basics of paychecks #consumer #economics

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Questions 10

Answers

1
What is a W-4?
Says how much money earned
Tells government how much tax to take from check
Proves you can work in U.S.
Tells how much Social Security tax to pay
2
Which of these is NOT taken out of your check?
Health insurance
Federal income tax
Apartment rent/house payment
Health insurance
3
What is gross income?
Income before taxes
Taxes
Income after taxes
Federal with holdings
4
If your gross income is $350 and payroll withholdings are $50 what is your net income
200
300
325
250
5
What is a pay period
Rate of pay per hour
Amount you are paid
Every week, every other week, every two weeks, monthly
Amount you earn
6
Income taxes are NOT paid to:
City government
U. S. government
Iowa government
U. S. military
7
What's an I-9
Used to prove can work in the U. S.
Used to file income taxes
Tells government how much tax to take from check
Tells employer how much to pay for health insurance.
8
How do employees directly put their paycheck into their bank
Direct Deposit
Paycheck
Cash
Payroll Card
9
Which one is NOT a tax taken out of your paycheck
Iowa income tax
Federal income tax
Paid time off tax
Social Security tax
10
What does YTD mean?
Yearly total deductions
Year to decide
Year to date
Yellow termination deduction