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9.1 Taxes and Your Paystub

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  • 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
  • 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
  • Which of the following are two mandatory categories of government spending that are paid for by FICA taxes?
    social security and medicare
    housing and transportation
    military and education
    health and veterans' benefit
  • The federal income taxes that are withheld from your paycheck are used to pay for what?
    unemployment insurance
    medicare and social security
    mandatory spending
    discretionary spending
  • Medicare and Social Security are funded by which type of taxes that are withheld from your paycheck?
    FICA
    local
    federal
    state
  • What is the purpose of taxes?
    to pay for services that people want and need
  • All of the following are benefits we receive as a result of government spending EXCEPT...
    Credit card debt forgiveness
    public school education
    National parks maintenance
    Health and retirement benefits for seniors
  • What are pre-tax deductions and contributions?
    Contributions taken AFTER taxes are calculated
    Contributions taken out BEFORE taxes are calculated
  • What are two examples of Employer Contributions
    Health Insurance and 401k
    Federal and State Taxes
    Roth IRA
  • On a pay stub, the amount of money that is left after withholdings is known as…
    Wages and tips
    Gross Pay
    Annual Earnings
    Net Pay
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