Income & Wages

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

True

False

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

True

False

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

Income

Net Pay

Gross Pay

None of the above

4. Your take home pay is called.

Net Pay

Gross Pay

Wages

None of the above

5. 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

6. 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

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

True

False

8. What does YTD stand for?

Year Time Day

Year Time Deduction

Year To Date

None of the above

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

True

False

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

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

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

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

14. Payments people receive for providing resources in the market

Taxes

Wages

Income

None of the above

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

May 1st

May 15th

April 15th

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. Ben works 42 hours @ $11.80/hour. What is his gross pay?

$472

$354

$507.40

None of the above

17. What does FICA stand for?

For Income Act

Federal Income Contribution Act

Federal Insurance Contribution Act

None of the above

Income & Wages

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

2.

What first name or nickname would you like us to use?

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

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

4. Your take home pay is called.

5. 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?

6. 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?

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

8. What does YTD stand for?

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

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

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?

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?

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?

14. Payments people receive for providing resources in the market

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

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?

17. What does FICA stand for?