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?

military and education

housing and transportation

social security and medicare

health and veterans' benefit

15

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

Net Pay

Wages and tips

Gross Pay

Annual Earnings

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

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?

FICA

state

local

federal

15

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

mandatory spending

unemployment insurance

medicare and social security

discretionary spending

15

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

Credit card debt forgiveness

National parks maintenance

Health and retirement benefits for seniors

public school education

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 AFTER taxes are calculated

Contributions taken out BEFORE taxes are calculated

15

What are two examples of Employer Contributions

Federal and State Taxes

Roth IRA

Health Insurance and 401k

15