Understanding Your Paycheck Essentials

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Presentation transcript:

Understanding Your Paycheck Essentials Paycheck Essentials Trivia 1

Paycheck Trivia $100 $200 $300 $400 Employment Forms Payment Methods Final Trivia Employment Forms Payment Methods Paycheck Stub Payroll Withholdings $100 $200 $300 $400

Employment Forms - $100 Answer: Compulsory charges imposed on citizens by local, state, and federal governments.

Employment Forms - $100 Question: What are taxes?

Employment Forms - $200 Answer: Form that assists in determining the amount of federal taxes withheld from an employee’s paycheck.

Employment Forms - $200 Question: What is Form W-4?

Form that verifies the employment eligibility of potential employees Employment Forms - $300 Answer: Form that verifies the employment eligibility of potential employees

Employment Forms - $300 Question: What is the Form I-9?

One example of documentation required to complete the Form I-9. Employment Forms - $400 Answer: One example of documentation required to complete the Form I-9.

Employment Forms - $400 Question: What is a driver’s license, birth certificate, passport, Social Security card, U.S. Military card?

Payment Method - $100 Answer: Employee’s paycheck is deposited into an authorized depository institution account.

Payment Method - $100 Question: What is direct deposit?

Answer: The most common method of paying employees. Payment Method - $200 Answer: The most common method of paying employees.

Payment Method - $200 Question: What is a paycheck?

The most secure way to pay employees. Payment Method - $300 Answer: The most secure way to pay employees.

Payment Method - $300 Question: What is direct deposit?

Payment electronically loaded Payment Method -$400 Answer: Payment electronically loaded onto a plastic card.

Payment Method - $400 Question: What is a payroll card?

Length of time for which an employee’s wages are calculated. Paycheck Stub - $100 Answer: Length of time for which an employee’s wages are calculated.

Paycheck Stub - $100 Question: What is a pay period?

The nation’s health care program for the elderly and the disabled. Paycheck Stub - $200 Answer: The nation’s health care program for the elderly and the disabled.

Paycheck Stub - $200 Question: What is Medicare?

The amount of money an employee Paycheck Stub - $300 Answer: The amount of money an employee actually takes home.

Paycheck Stub - $300 Question: What is a net income?

Paycheck Stub - $400 Answer: The nation’s retirement program that helps provide retirement income for elderly and pays disability benefits.

What is Social Security? Paycheck Stub - $400 Question: What is Social Security?

Payroll Withholdings -$100 Answer: One of the optional deductions withheld from an employee’s paycheck

Payroll Withholdings -- $100 Question: What is a retirement plan or medical?

Payroll Withholdings - $200 Answer: The largest percentage of paycheck deductions.

Payroll Withholdings - $200 Question: What is federal withholding tax?

Payroll Withholdings - $300 Answer: The deduction that includes Social Security and Medicare tax.

Payroll Withholdings - $300 Question: What is FICA?

Payroll Withholdings - $400 Answer: The amount of taxes withheld to assist in funding government agencies in the state.

Payroll Withholdings $400 Question: What is State Withholding Tax?

Final Trivia

A person who relies on the taxpayer for financial support Final Trivia Answer: A person who relies on the taxpayer for financial support

Final Trivia Question: What is a dependent?