Income & Wages

Questions

Feedback

During the Quiz End of Quiz

Difficulty

Easy First Hard First Sequential

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

1/17 Questions

Answer True or False to the following question: A regular work week is 40 hours long.
- True
- False

About This Quiz

Quiz on income and wages calculation. Also, include vocabulary.

2.

Answer True or False to the following question: The W4 is filled out when you are hired for a job.
- True
- False
Correct Answer

A. True
3.

Your take home pay is called.
- Net Pay
- Gross Pay
- Wages
- None of the above
Correct Answer

A. Net Pay
4.

Answer True or False to the following question: You receive the W2 form when you retire.
- True
- False
Correct Answer

A. False
5.

The amount a person earns before deductions and taxes are paid.
- Income
- Net Pay
- Gross Pay
- None of the above
Correct Answer

A. Gross Pay
6.

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Jake works 40 hours @ $8.25/hour. What is his gross pay?
- $409
- $330
- $230
- None of the above
Correct Answer

A. $330
7.

Calculate the commission pay for the following: Jill a real estate agent sold a house for $50,000 she will earn 15% for the sale. What is her commission pay?
- $750
- $7500
- $3333
- None of the above
Correct Answer

A. $7500
8.

What does YTD stand for?
- Year Time Day
- Year Time Deduction
- Year To Date
- None of the above
Correct Answer

A. Year To Date
9.

Answer True or False to the following question: A single person pays higher taxes than a married person.
- True
- False
Correct Answer

A. True
10.

Money that is paid or received for work or services by the hour, day or week.
- Income
- Net Pay
- Wages
- None of the above
Correct Answer

A. Wages
11.

Calculate the commission pay for the following: Jill a real estate agent sold a house for $95,000 she will earn 25% for the sale. What is her commission pay?
- $23750
- $380,000
- $237
- None of the above
Correct Answer

A. $23750
12.

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Billy works 40.5 hours @ $11.00/hour. What is his gross pay?
- $448.63
- $448.25
- $440
- None of the above
Correct Answer

A. $448.25
13.

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Jake works 40 hours @ $5.25/hour. He had $38 of taxes deducted from his pay. What is his gross pay? What is his net pay?
- Gross Pay $210 Net Pay $172
- Gross Pay $172 Net Pay $210
- Gross Pay $38 Net Pay $38
- None of the above
Correct Answer

A. Gross Pay $210 Net Pay $172
14.

Payments people receive for providing resources in the market
- Taxes
- Wages
- Income
- None of the above
Correct Answer

A. Income
15.

What is the deadline to file your tax return to the IRS?
- May 1st
- May 15th
- April 15th
- None of the above
Correct Answer

A. April 15th
16.

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Ben works 42 hours @ $11.80/hour. What is his gross pay?
- $472
- $354
- $507.40
- None of the above
Correct Answer

A. $507.40
17.

What does FICA stand for?
- For Income Act
- Federal Income Contribution Act
- Federal Insurance Contribution Act
- None of the above
Correct Answer

A. Federal Insurance Contribution Act

Quiz Review Timeline (Updated): Mar 18, 2022 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 18, 2022

Quiz Edited by
ProProfs Editorial Team
Nov 13, 2009

Quiz Created by
Jac0512

Income & Wages

Answer True or False to the following question: A regular work week is 40 hours long.

Quiz Preview

Answer True or False to the following question: The W4 is filled out when you are hired for a job.

Your take home pay is called.

Answer True or False to the following question: You receive the W2 form when you retire.

The amount a person earns before deductions and taxes are paid.

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Jake works 40 hours @ $8.25/hour. What is his gross pay?

Calculate the commission pay for the following: Jill a real estate agent sold a house for $50,000 she will earn 15% for the sale. What is her commission pay?

What does YTD stand for?

Answer True or False to the following question: A single person pays higher taxes than a married person.

Money that is paid or received for work or services by the hour, day or week.

Calculate the commission pay for the following: Jill a real estate agent sold a house for $95,000 she will earn 25% for the sale. What is her commission pay?

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Billy works 40.5 hours @ $11.00/hour. What is his gross pay?

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Jake works 40 hours @ $5.25/hour. He had $38 of taxes deducted from his pay. What is his gross pay? What is his net pay?

Payments people receive for providing resources in the market

What is the deadline to file your tax return to the IRS?

Calculate the following gross pay. Any hours over 40 is overtime and they are paid as time and a half. Ben works 42 hours @ $11.80/hour. What is his gross pay?

What does FICA stand for?