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HS-PF 1.1 Taxes and Your Paycheck

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