Assignment: Deductions
Name:
Use the following website resource and find at least one of your own:
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http://www.gcflearnfree.org/workplacebasics/5/print
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http://www.themint.org/teens/decoding-your-paycheck.html
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Note, not all of these questions can be answered from a single website!
Answer the following:
1. What are Exemptions?
2. What is Direct Deposit?
3. Why might you prefer direct deposit to other forms of payment?
4. What is the difference between “this period” and “year to date?”
5. Which figure should be more: gross or net?
6. What’s another way of saying/explaining FICA?
7. What type of taxes could be listed on your paystub and where is the money going?
8. What is a 401K?
9. Why would the 401K amount be excluded from federal taxable wages?
10. What are exemptions and how do they impact the taxes taken out of your paycheck?
11. List at least two (2) other websites that you used to help answer these questions.