Share HS-PF 1.1 Taxes and Your Paycheck
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Why does the government need taxes?
To provide services that people want and need.
Give an example of Mandatory Spending.
Social Security or Medicare
Give an example of Discretionary Spending.
Military or Education
Name a benefit that you or someone you know receives as a result of government spending.
Unemployment, Disability, Food Stamps
What is the difference between Gross pay and Net pay.
Gross pay is before deductions are subtracted. Net pay is your take-home pay.
What are pre-tax deductions?
Contributions taken out of your paycheck before taxes are calculated on your income.
Money taken from your paycheck to cover things like taxes and benefits.
Deductions
The amount of money you earn before taxes and any other expenses are taken out.
Gross Pay
Wage, or the amount of money you earn per unit of time, such as hourly or weekly.
Wage
The amount of money you take home after taxes and other expenses are taken out.
Net Pay
On a paystub, the abbreviation SSN stands for what?
Social Security Number
On a paystub, the abbreviation YTD stands for what?
Year To Date: The total earnings or deductions from January 1 to the date of the paycheck.
A form that tells your employer how much federal taxes to take out of you pay.
W-4
A benefit for those who are eligible, that provides temporary financial assistance when unemployed.
State Unemployment Insurance
On a paystub, the abbreviation SUI stands for what?
State Unemployment Insurance
On a paystub, what does the term "current" refer to?
Amounts that apply to that particular pay period.
