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Paycheck Basics Flashcards | StudBud

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Paycheck Basics

10 terms·StudBud Administration·212 plays

The basics of paychecks #consumer #economics

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Questions 10

Answers

1
If your gross income is $350 and payroll withholdings are $85 what is your net income
265
199
241
280
2
What is a pay period
Gross income
Accumulated deductions
Net income
length of time for which an employees wages are calculated
3
What is gross income?
Taxes
Federal with holdings
Income after taxes
Income before taxes
4
Name a type of deduction
Medicare
Pay period
Net income
Gross income
5
What are examples of payroll withholdings
state withholding
Federal withholding
W-2
FICA
6
What's an I-9
Social security
used to prove citizenship
Taxes
Pay period
7
Taxes are required charges of _____ by local, state and federal governments
Citizens
Employees
Aliens
Immigrants
8
What is a W-4?
States amount of money earned
Determines money withheld for taxes
FICA
Used to prove citizenship
9
How do employees directly put their paycheck into their bank
Direct Deposit
Cash
Payroll Card
Paycheck
10
What does YTD mean?
Yearly total deductions
Year to date
Year to decide
Yellow termination deduction