Income & Wages
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Quiz on income and wages calculation. Also, include vocabulary.
- 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
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