Mastering Paystubs
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Questions and Answers

Which type of payment is based on how many hours a person works and their hourly wage or pay scale?

  • Net pay
  • Overtime pay
  • Wages (correct)
  • Salary

    • What is a pay period?

  • The time period in which an employee takes a break
  • The time period in which an employee is on vacation
  • The time period in which an employee worked and is being paid for (correct)
  • The time period in which an employee is sick

    • Which type of payment is a fixed regular payment based on an agreed amount between the employer and the employee?

  • Overtime pay
  • Net pay
  • Wages
  • Salary (correct)

    • Which payroll schedule is used by businesses every two weeks?

    <p>Biweekly</p> Signup and view all the answers

    What is the amount you receive after all deductions are taken from your total earnings called?

    <p>Net pay</p> Signup and view all the answers

    Which type of tax is deducted from your paycheck and paid to the federal government?

    <p>State Income Tax</p> Signup and view all the answers

    Which deduction provides short-term disability insurance and paid family leave benefits to eligible workers?

    <p>State Disability Insurance</p> Signup and view all the answers

    Which deduction is imposed on both employees and employers to fund Social Security and Medicare?

    <p>FICA-Social Security and Medicare</p> Signup and view all the answers

    Which deduction is required for more and more employees to contribute to paying for their own coverage?

    <p>Health Insurance</p> Signup and view all the answers

    Which type of tax is deducted from your paycheck and paid to the state you are living in?

    <p>State Income Tax</p> Signup and view all the answers

    True or false: Deductions are made from your gross pay before they are referred to as your net pay?

    <p>True</p> Signup and view all the answers

    True or false: FICA-Social Security and Medicare is a federal tax imposed on both employees and employers?

    <p>True</p> Signup and view all the answers

    True or false: Only seven states in the United States do not have an income tax?

    <p>True</p> Signup and view all the answers

    Match the following deductions with their descriptions:

    <p>Federal Income Tax = Tax paid to the federal government based on income level and filing status State Income Tax = Tax paid to the state of residence based on income and filing status FICA-Social Security and Medicare = Federal payroll tax imposed on both employees and employers to fund Social Security and Medicare Health Insurance = Employee contribution to their health insurance plan</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Deduction = Any amount of money subtracted from your check Gross Pay = Total amount of pay or wages before deductions are made Paystub = Document attached to paycheck containing information about earnings, taxes, and deductions State Disability Insurance (SDI) = Tax providing short-term disability insurance and paid family leave benefits to eligible workers in certain states</p> Signup and view all the answers

    Match the following facts with their respective deductions:

    <p>Paid by both employees and employers = FICA-Social Security and Medicare Depends on the income level and filing status = Federal Income Tax Average cost for an employee is $1,071 a year for single coverage = Health Insurance Exists in several of the larger states such as California and New York = State Disability Insurance (SDI)</p> Signup and view all the answers

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