ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Paycheck with attached paycheck stub
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Direct Deposit
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Payroll Card
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None of the above
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Detailed explanation-1: -The term direct deposit refers to the deposit of funds electronically into a bank account rather than through a physical, paper check. Direct deposit requires the use of an electronic network that allows deposits to take place between banks. This network is called the automated clearing house (ACH).
Detailed explanation-2: -State law does not explicitly allow employers to require direct deposit, but at least one Pennsylvania court has implicitly endorsed the practice. Employers may pay their employees by direct deposit provided the employee’s account allows for one withdrawal for each deposit free of any service charge.
Detailed explanation-3: -Taxes are compulsory charges imposed on citizens by local, state, and federal governments used to fund public goods and services. The United States tax system operates on an ongoing payment system. This means as a person earns income, taxes are paid immediately on the income.