Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

General
1

which of the following is not a possible tax or deduction that could be withdrawn from your paycheck?

FICA
Overtime pay
Federal income tax
Contributions to retirement savings

2

which of the following is not a possible tax or deduction that could be withdrawn from your paycheck?

FICA
Overtime pay
Federal income tax
Contributions to retirement savings

Answer: Overtime pay is not a tax or deduction that can be withdrawn from your paycheck. It is instead a type of compensation that some employees receive for working more than a certain number of hours in a week or on certain days. The other options are all possible taxes or deductions that might be taken out of an employee’s paycheck:

  • FICA (Federal Insurance Contributions Act) refers to the Social Security and Medicare taxes that both employers and employees are required to pay.
  • Federal income tax is a tax on an individual’s income that is collected by the federal government.
  • Contributions to retirement savings, such as a 401(k), are deducted from an employee’s paycheck before taxes are applied, which can help reduce their taxable income.