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Module 2: Employment & Taxes

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What is the difference between gross and net pay?
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Terms in this set (28)
What is the difference between gross and net pay?
Gross pay is before taxes are subtracted but net pay is after taxes are taken out
What is net pay?
the amount of money you're paid after all taxes and deductions are taken out of your paycheck
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
net pay
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What do taxes pay for?
Schools, government departments, roads, and emergency services
How does the government pay for roads, schools, and emergency services?
They are funded through taxes
Which of the following statements is true about taxes?
a) taxes pay for schools first responders and roads
b) taxes pay toll road fees and office buildings
c) taxes are only collected by the federal government
d) Taxes are only collected by state governments
a) taxes pay for schools first responders and roads
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits
Your salary is one thing to consider when reviewing a job offer but benefits are also important. Which of the following would NOT be a part of your benefits package?
a) matching contributions to a retirement account b) disability insurance c) FICA d) healthcare insurance
c) FICA
Your salary is one thing to consider when reviewing a job offer but benefits are also important. Which of the following would NOT be a part of your benefits package?
a) Disability insurance b) free technology equipment c) paid time off d) healthcare insurance
b) free technology equipment
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
a) restaurant tax b) Federal income tax c) FICA d) contributions to retirement savings
c. restaurant tax
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
a) state income tax b) FICA c) sales tax d) contributions to retirement savings
c) sales tax
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
a) FICA b) Overtime pay c) federal income tax d) contributions to retirement savings
b) Overtime pay
To file your federal and state taxes you ____________
a) can use tax preparation software for federal taxes, but can't for state taxes
b) must prepare the same tax forms for both
c) must prepare different forms for each type of government(if your state requires it)
d) can use tax preparation software for state taxes, but can't for federal taxes
c) must prepare different forms for each type of government(if your state requires it)
Each year, you must file
a) your federal taxes and state taxes if your state requires it
b) only your federal taxes since state taxes get filed every other year
c) your federal, state, county, and town taxes
a) your federal taxes and state taxes if your state requires it
Why might preparing taxes be different for people living in different states?
a) everyone must file state taxes but depending on where you live, you may not need to file federal taxes
b) Everyone must file federal taxes, but each state has different tax laws
b) Everyone must file federal taxes, but each state has different tax laws