Exam (elaborations)
Payroll and Taxes Quiz Questions and Answers 100% Solved
- Course
- Institution
Payroll and Taxes Quiz
[Show more]
Content preview
Payroll and Taxes QuizWhy does the government need taxes? - answer- To provide services that people want
and need
- Payroll taxes are collected from both you and your employer to pay for things such as
FICA (Social Security and Medicare).
What is one example of "mandatory" spending? - answer Social Security is required by
the government
What is one example of "discretionary" spending? - answer57% of all discretionary
spending goes to fund the military
What is one benefit that you (or someone you personally know) receives as a result of
government spending? - answerthe support and services provided to me
What is the purpose of a W-4? - answer- Lets your employer know how much money to
withhold from your paycheck for federal taxes
- Determines the percentage of gross pay which will be withheld for taxes
What is an allowance? - answerused to determine the amount of federal taxes withheld
from the paycheck
What is a dependent? - answera person who relies on the taxpayer for financial support,
like a child or nonworking adult
Why is it helpful to the taxpayer to have your taxes deducted from every paycheck? -
answerit allows them to not have to worry about paying them all at once at the end of
the year
Why do we pay taxes? - answerpay for public goods, police, roads, schools, etc.
Identify and explain two deductions you will see on your pay stub. - answer- Federal
income tax/ state income tax helps pay for things like roads, military, school, police
departments, etc.
- FICA includes Medicare and Social Security, which helps fund federal government
programs for retirement and disability
Net pay - answerthe amount of money you take home after taxes and other expenses
are taken out
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now