Income & Wages

17 Questions

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Income Quizzes & Trivia

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


Questions and Answers
  • 1. 
    Answer True or False to the following question: You receive the W2 form when you retire.
    • A. 

      True

    • B. 

      False

  • 2. 
    Answer True or False to the following question: A single person pays higher taxes than a married person.
    • A. 

      True

    • B. 

      False

  • 3. 
    Answer True or False to the following question: A regular work week is 40 hours long.
    • A. 

      True

    • B. 

      False

  • 4. 
    Answer True or False to the following question: The W4 is filled out when you are hired for a job.
    • A. 

      True

    • B. 

      False

  • 5. 
    What does YTD stand for?
    • A. 

      Year Time Day

    • B. 

      Year Time Deduction

    • C. 

      Year To Date

    • D. 

      None of the above

  • 6. 
    What does FICA stand for?
    • A. 

      For Income Act

    • B. 

      Federal Income Contribution Act

    • C. 

      Federal Insurance Contribution Act

    • D. 

      None of the above

  • 7. 
    The amount a person earns before deductions and taxes are paid.
    • A. 

      Income

    • B. 

      Net Pay

    • C. 

      Gross Pay

    • D. 

      None of the above

  • 8. 
    Your take home pay is called.
    • A. 

      Net Pay

    • B. 

      Gross Pay

    • C. 

      Wages

    • D. 

      None of the above

  • 9. 
    Money that is paid or received for work or services by the hour, day or week.
    • A. 

      Income

    • B. 

      Net Pay

    • C. 

      Wages

    • D. 

      None of the above

  • 10. 
    Payments people receive for providing resources in the market
    • A. 

      Taxes

    • B. 

      Wages

    • C. 

      Income

    • D. 

      None of the above

  • 11. 
    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?
    • A. 

      $409

    • B. 

      $330

    • C. 

      $230

    • D. 

      None of the above

  • 12. 
    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?
    • A. 

      $472

    • B. 

      $354

    • C. 

      $507.40

    • D. 

      None of the above

  • 13. 
    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?
    • A. 

      $448.63

    • B. 

      $448.25

    • C. 

      $440

    • D. 

      None of the above

  • 14. 
    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?
    • A. 

      $23750

    • B. 

      $380,000

    • C. 

      $237

    • D. 

      None of the above

  • 15. 
    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?
    • A. 

      $750

    • B. 

      $7500

    • C. 

      $3333

    • D. 

      None of the above

  • 16. 
    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?
    • A. 

      Gross Pay $210 Net Pay $172

    • B. 

      Gross Pay $172 Net Pay $210

    • C. 

      Gross Pay $38 Net Pay $38

    • D. 

      None of the above

  • 17. 
    What is the deadline to file your tax return to the IRS?
    • A. 

      May 1st

    • B. 

      May 15th

    • C. 

      April 15th

    • D. 

      None of the above