Module 2 Employment & Taxes exam questions and answers

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 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insurance b) free technology equipment Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?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to retirement savings c. restaurant tax Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?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