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E. What is net pay ? How did Henry’s employer arrive at this sum? What’s another name for net pay? _ ______________________________________________________________________________ _ ______________________________________________________________________________ F. Henry wants to know what Deductions mean and what items typically make up deductions. _ ______________________________________________________________________________ _ ______________________________________________________________________________ G. Under the description of deductions, what does Fed refer to and how did his employer determine how much to deduct for this? _ ______________________________________________________________________________ _ ______________________________________________________________________________ H. Henry has no idea what OASDI means. He wants to tell his employer to discontinue these withholdings. What does it mean and can he stop them? How much is deducted for OASDI? _ ______________________________________________________________________________ _ ______________________________________________________________________________ I. Henry’s Grandma Grace gets Medicare . Henry says he is too young and doesn’t need it. He is going to tell his employer to discontinue withholding for Medicare taxes. Will he be successful? _ ______________________________________________________________________________ J. Henry sees that $320 of a 401K has been deducted from his pay. He’s confused because, if you check the Earnings side of the paycheck stub it was already paid. Why is it showing up in both earnings and deductions ?. _ ______________________________________________________________________________ _ ______________________________________________________________________________ K. What are Henry’s YTD Earnings ? What does YTD mean? What does it include? _ ______________________________________________________________________________ L. What are Henry’s Y ear-to-Date Deductions ? _ ______________________________________________________________________________ PRODUCT PREVIEW
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Chapter 5 | Honey, They Shrunk My Paycheck
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