Paychecks

Question 1

Gross Pay

Answer 1

The total amount and employees paid before deductions

Question 2

net pay

Answer 2

the amount an employee is paid after deductions

Question 3

Weekly salary

Answer 3

them out and employees paid every week

Question 4

hourly rate

Answer 4

The amount and employees paid per hour

Question 5

deduction

Answer 5

money withheld or taken out of your paycheck

Question 6

federal tax

Answer 6

money distracted from your paycheck that goes to the US gov’t

Question 7

state tax

Answer 7

what is deducted from your paycheck that goes to the state government

Question 8

local tax

Answer 8

money deducted from your paycheck that goes to the city/local government

Question 9

medicare

Answer 9

Federal program whose main purpose is to help pay for health care for people over the age of 65

Question 10

F.I.C.A

Answer 10

Federal income contributions act, also known as Social Security and Medicare

Question 11

social Security

Answer 11

funds retirement, disabled, premature death of a parent or a death of a spouse in a family with children

Question 12

payroll tax

Answer 12

taxes withheld from your pay by your employer

Question 13

overtime

Answer 13

amount of time worked over regular 40 hour work week

Question 14

Dependant

Answer 14

A person who relies on the taxpayer for support

Question 15

Direct Deposit

Answer 15

wages deposited directly into a bank account

Question 16

W-4

Answer 16

determines the amount of federal tax to be withheld from an employee’s pay

Question 17

pay period

Answer 17

regular schedule in which employers pay employees

Question 18

Pay stub

Answer 18

outlines the deductions made to wages

Question 19

W-2

Answer 19

form that tells how much total tax a worker paid during a year

Question 20

Financial planning

Answer 20

A tool used to achieve financial success based upon the development and implementation of financial goals

Question 21

income

Answer 21

money received, especially on a regular basis, for work or through investments

Question 22

401k

Answer 22

A retirement savings plan sponsored by an employer. It lets workers save and invest a piece after paycheck before taxes are taken out.

Question 23

Sales commission

Answer 23

a sum of money paid to an employee upon completion of a task, usually selling a certain amount of goods or services.