9.1 Taxes and Your Paystub | Baamboozle - Baamboozle

English 10 Public

NGPF

Study Slideshow

Which of the following are two mandatory categories of government spending that are paid for by FICA taxes?

health and veterans' benefit

military and education

housing and transportation

social security and medicare

15

On a pay stub, the amount of money that is left after withholdings is known as…

Gross Pay

Wages and tips

Annual Earnings

Net Pay

15

Which statement best describes discretionary gov't spending?

changing amount of $ spent on different categories each year

A fixed amount of $ spent on the same categories each year

The money used to pay for social security and medicare

15

What is the purpose of taxes?

to pay for services that people want and need

15

Medicare and Social Security are funded by which type of taxes that are withheld from your paycheck?

state

federal

FICA

local

15

The federal income taxes that are withheld from your paycheck are used to pay for what?

discretionary spending

mandatory spending

unemployment insurance

medicare and social security

15

All of the following are benefits we receive as a result of government spending EXCEPT...

Health and retirement benefits for seniors

public school education

Credit card debt forgiveness

National parks maintenance

15

What is the difference between gross pay and net pay?

Gross pay is before taxes and net pay is your take home pay

Net pay is before taxes and gross pay is your take home pay

15

What are pre-tax deductions and contributions?

Contributions taken out BEFORE taxes are calculated

Contributions taken AFTER taxes are calculated

15

What are two examples of Employer Contributions

Health Insurance and 401k

Roth IRA

Federal and State Taxes

15