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Cfl Test Questions And Answers With Verified Solutions (Graded A+)

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Cfl Test Questions And Answers With Verified Solutions (Graded A+)

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Cfl Test Questions And Answers With
Verified Solutions (Graded A+)
Payroll & Tax Terms
1. Payroll Equation
✔✔ Calculation of net pay from gross pay minus deductions


2. Gross Pay
✔✔ Total earnings before deductions and taxes


3. Net Pay
✔✔ Earnings after deductions and taxes


4. Income Tax
✔✔ Tax paid to federal, state, and local governments based on earned income


5. Allowance
✔✔ Amount subtracted from gross pay to determine taxable income


6. Dependent
✔✔ A person who relies on the taxpayer for financial support


7. Social Security
✔✔ Federal program providing disability and retirement benefits


8. Medicare
✔✔ Federal health insurance program for people 65 and older

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