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Paycheck
Test Description: Paycheck
Instructions: Answer all questions to get your test result.
1) the amount of money left after all deductions have been withheld from the gross pay earned in the pay period
A
Deductions
B
Medicare
C
Gross
D
Net Pay
2) the total amount of money earned during a pay period before deductions
A
FICA
B
Gross Pay
C
IRS
D
Net Pay
3) they collect federal taxes, issue regulations, and reinforce tax laws written by the United States Congress
A
FDIC
B
FED
C
IRS
D
NCUS
4) these are compulsory charges imposed on citizens by local, state, and federal government
A
Deductions
B
IRS
C
FDIC
D
Taxes
5) the amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and or retirement benefits
A
W-2
B
Gross pay
C
Taxes
D
Deductions
6) Pay before you take out taxes
A
Gross pay
B
All
C
Taxes
D
Net Pay
7) Pay after you take out taxes
A
FED
B
Net Pay
C
Gross pay
D
Taxes
8) the is the nation's health care policy for elderly and disabled
A
FDIC
B
Medicare
C
Dependent
D
State
9) this withholding tax is the largest deduction withheld from an employee's gross income
A
State
B
Federal
C
Social Security
D
Net Pay
10) this is the nation's retirement program
A
Gross Pay
B
Deductions
C
Social Security
D
Federal Taxes
*select an answer for all questions
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