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Team 2
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Score
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15
×
The federal income taxes that are withheld from your paycheck are used to pay for what?
discretionary spending
unemployment insurance
mandatory spending
medicare and social security
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15
×
What is the purpose of taxes?
to pay for services that people want and need
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×
banana
Go to last place!
Oops!
×
rocket
Go to first place!
Okay!
×
shark
Other team loses 25 points!
Okay!
×
baam
Lose 25 points!
Oops!
×
thief
Give points!
5
10
15
20
25
×
fairy
Take points!
5
10
15
20
25
×
rocket
Go to first place!
Okay!
×
baam
Lose 15 points!
Oops!
×
baam
Lose 25 points!
Oops!
×
shark
Other team loses 25 points!
Okay!
×
rocket
Go to first place!
Okay!
×
banana
Go to last place!
Oops!
15
×
Which statement best describes discretionary gov't spending?
changing amount of $ spent on different categories each year
The money used to pay for social security and medicare
A fixed amount of $ spent on the same categories each year
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15
×
What is the difference between gross pay and net pay?
Net pay is before taxes and gross pay is your take home pay
Gross pay is before taxes and net pay is your take home pay
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15
×
Which of the following are two mandatory categories of government spending that are paid for by FICA taxes?
military and education
social security and medicare
health and veterans' benefit
housing and transportation
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15
×
Medicare and Social Security are funded by which type of taxes that are withheld from your paycheck?
federal
state
local
FICA
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15
×
All of the following are benefits we receive as a result of government spending EXCEPT...
public school education
Credit card debt forgiveness
Health and retirement benefits for seniors
National parks maintenance
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15
×
On a pay stub, the amount of money that is left after withholdings is known asâĶ
Annual Earnings
Net Pay
Wages and tips
Gross Pay
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×
heart
Other team wins 25 points!
Oops!
×
shark
Other team loses 15 points!
Okay!
×
shark
Other team loses 20 points!
Okay!
×
lifesaver
Give 5 points!
Oops!
15
×
What are two examples of Employer Contributions
Federal and State Taxes
Health Insurance and 401k
Roth IRA
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15
×
What are pre-tax deductions and contributions?
Contributions taken AFTER taxes are calculated
Contributions taken out BEFORE taxes are calculated
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