Understanding Pay Stubs and Deductions

Questions and Answers

How much did Hope's employer deposit into her checking account on the most recent payday of 5/21/18?

$284.79

About how frequently does Hope receive a paycheck?

Every two weeks

Which of the following statements are true? (Select all that apply)

Hope's net pay for this pay period was $284.79 (correct)

Hope received her paycheck on a monthly basis

Hope's paycheck was directly deposited (correct)

Hope paid $76.58 this pay period for the health insurance plan provided to her by her company (correct)

How many pay periods has Hope had year-to-date assuming regular pay intervals?

9 Signup and view all the answers

Which of the following benefits does Hope pay for through payroll deductions?

Retirement Signup and view all the answers

What was the total amount deducted from Hope's latest paycheck?

$313.21 Signup and view all the answers

Hope's contribution to her retirement plan is taxed for federal income tax purposes.

False Signup and view all the answers

What was the largest deduction for this pay period?

Federal Tax Signup and view all the answers

If Hope works 60 hours instead of 40 to cover shifts, which of her deductions will definitely change?

Her Federal Tax Signup and view all the answers

Which of the following statements are true? (Select all that apply)

Hope has paid $810.00 in federal taxes so far this year Signup and view all the answers

What information is available on a pay stub? (Select all that apply)

Net income Signup and view all the answers

Study Notes

Pay Stub Overview

Hope's employer deposited $284.79 into her checking account on 5/21/18.
Paychecks are issued to Hope every two weeks.

Paycheck Details

Hope's net pay for the pay period was $284.79.
She paid $76.58 for her health insurance plan during this period.
Total deductions from her latest paycheck amounted to $313.21.

Employment and Deductions

Year-to-date, Hope has received 9 pay periods.
Payroll deductions include contributions to her retirement plan, which are pre-tax and not subject to federal income tax.

Taxation and Changes

The largest deduction from Hope's current paycheck was Federal Tax.
If she works 60 hours instead of 40 due to a coworker quitting, her Federal Tax deduction will definitely change.

Contributions and Year-to-Date Totals

So far this year, Hope has contributed $540.00 to her retirement plan.
She has paid $810.00 in federal taxes thus far in the year.

Pay Stub Information

Key details on a pay stub include net income, gross income, year-to-date deductions, current deductions, taxes, and pay period.

Description

This quiz covers the essential components of a pay stub, including net pay, deductions, and contributions. It also highlights the impact of working additional hours on federal tax deductions and provides an overview of year-to-date totals. Test your knowledge on payroll deductions and employment taxes.