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Payroll and Taxes Quiz Questions and Answers 100% Solved $13.49   Add to cart

Exam (elaborations)

Payroll and Taxes Quiz Questions and Answers 100% Solved

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Payroll and Taxes Quiz

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  • October 7, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Taxes
  • Taxes
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julianah420
Payroll and Taxes Quiz

Why 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

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