University:
Yeshiva University
Course:
1501 | Public Finance
Academic year:

2020
Views:

372

Pages:

2
Author:

Rolando H

FINE PRINT: Pay Stub Teacher Tip: If you prefer to administer this activity using a Google Form, please see the answer key for the Google form link. You can ﬁnd this on the Unit Page this resource is in. In this activity, you will explore a pay stub in more detail to understand its various components. Then, you will answer questions using the sample pay stub below. Part I: Read The Fine Print Analyze this sample pay stub and answer the questions that follow. 1. About how frequently does Hope receive a paycheck? a. Daily b. Weekly c. Every two weeks d. Monthly 2. Assuming that Hope receives a paycheck at regular intervals similar to the stub shown, how many pay periods has Hope had year-to-date (YTD)? a. 2 b. 3 c. 8 d. 9 3. Which statement below accurately describes Hope’s gross wages? a. Gross wages are calculated by multiplying Hope’s hourly rate by the number of hours she worked b. Gross wages are Hope’s ﬁxed salary, which she receives for every pay period c. Gross wages are calculated by subtracting all of Hope’s deductions from her gross income d. Gross wages are how much Hope has earned over the course of the entire year 4. What was the largest deduction for this pay period? a. FICA Medicare Tax b. FICA Social Security Tax c. Federal Tax d. NC State Tax 5. Look at the lines that say HEALTH, DENTAL, and RETIREMENT. Which statement below is accurate? a. Those lines represent taxes that Hope paid to the Federal government b. Those lines represent taxes that Hope paid to the state government c. Those lines represent beneﬁts that the employer is paying to Hope in addition to her wages d. Those lines represent insurance and retirement plans that Hope funds directly from her paycheck 6. Hope's contribution to her RETIREMENT plan... a. is a post-tax contribution on which she pays federal income taxes b. is pre-tax and therefore not included in federal income taxes c. Is a contribution to her Social Security d. is taxed at a rate of 15% 7. What was the TOTAL amount deducted from Hope's latest paycheck? a. $90.00 b. $284.79 c. $315.21 d. $600.00 8. One of Hope’s coworkers quits, and during the next pay period Hope works 60 hours instead of 40 to help cover the shifts. Which of Hope’s deductions will deﬁnitely change as a result? a. Her Federal tax b. Her health c. Her dental d. Her retirement