Question: This Personal Finance Activity will help you better understand the taxes and other deductions taken out of a typicalpaycheck. You will also begin to better

This Personal Finance Activity will help you better understand the taxes and other deductions taken out of a typicalpaycheck. You will also begin to better understand how these deductions affect your earnings. After completingthis activity, you will be able to calculate earnings and understand the items shown on a paycheck stub. Note thatyou may use a calculator, if necessary. Directions: Net pay is the amount you are paid minus all the deductions thatare taken out of your paycheck. Look carefully at the paystub. The part beneath the actual check that shows thevarious deductions that are taken out of a typical paycheck. Analyze these deductions and answer the questionsbelow.

2. Is this a weekly or monthly paycheck? How do you know? Answer 3. FICA deductions include money taken out of your paycheck for Social Security and Medicare. How much was deducted from this paycheck for FICA? Answer 4. What is the total of federal and state taxes deducted from this person's paycheck? Answer 5. What is the total so far for the year that has been deducted in federal and state taxes? Answer: 6. Does this employee live in a city that has an income tax? How do you know? If there is a municipal tax, how much has been deducted so far this year? Answer 7. How much does this employee contribute each week to a retirement plan? How much is deducted weekly to pay health insurance premiums? Answer: B. What is the total amount of deductions taken from this employee's pay every week? What is the total amount of 31 hp

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1. What does this mean for me?