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CFL Test UPDATED Exam Questions and CORRECT Answers

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CFL Test UPDATED Exam Questions and CORRECT Answers Payroll equation - CORRECT ANSWER- calculation of net pay from gross pay minus deductions Gross pay - CORRECT ANSWER- total earnings before deductions and taxes net pay - CORRECT ANSWER- earnings after deductions and taxes Income tax - COR...

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CFL Test UPDATED Exam Questions and
CORRECT Answers

Payroll equation - CORRECT ANSWER- calculation of net pay from gross pay minus
deductions


Gross pay - CORRECT ANSWER- total earnings before deductions and taxes


net pay - CORRECT ANSWER- earnings after deductions and taxes


Income tax - CORRECT ANSWER- Tax paid to the state, federal, and local governments
based on income earned over the past year.


Allowance - CORRECT ANSWER- amount subtracted from gross pay to determine taxable
income


dependent - CORRECT ANSWER- A person who relies on the taxpayer for financial support


social security - CORRECT ANSWER- federal program of disability and retirement benefits
that covers most working people


medicare - CORRECT ANSWER- A federal program of health insurance for persons 65 years
of age and older


FICA - CORRECT ANSWER- Federal Insurance Contributions Act


pay period - CORRECT ANSWER- the amount of time over which an employee is paid


YTD - CORRECT ANSWER- year-to-date ; amount you have earned or paid in the year so
far

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