Personal Finance: Paycheck Basics Standard 4 Summative (Part 1)

Front

What two forms must an employee complete when beginning a new job?

Back

Form W-4 and Form I-9

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Starting a New Job (4.1)

Front

What documentation must be provided to complete a Form I-9?

Back

Drivers license, Social Security card, Military ID card, birth certificate

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Starting a New Job (4.1)

Front

What does the Form W-4 determine?

Back

Amount of gross income which will be withheld for taxes

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Starting a New Job (4.1)

Front

What information is provided on the Form W-2?

Back

Amount of money earned and paid in taxes throughout the previous year.

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Starting a New Job (4.1)

Front

Employers directly deposit an employee's paycheck into his/her bank account and send the employee the pay stub.

Back

Direct Deposit

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Methods for Paying Employees (Standard 4.2)

Front

Electronically carries the balance of the employee's net income.

Back

Payroll Card

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Methods for Paying Employees (Standard 4.2)

Front

What are the three methods discussed that an employer may use to pay his/her employees?

Back

Paycheck, direct deposit, payroll card

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Methods for Paying Employees (Standard 4.2)

Front

The length of time for which an employee's wages are calculated.

Back

Pay period

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Methods for Paying Employees (Standard 4.2)

Front

Totals the payroll withholding that have been deducted from the paycheck from January 1 to the last day of the pay period.

Back

Year to date

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Reading a Paycheck Stub (Standards 4.3 and 4.4)

Front

Calculated by multiplying the number of hours worked by the hourly wage.

Back

Gross Income

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Reading a Paycheck Stub (Standards 4.3 and 4.4)