E/PF Taxes and Income Review

Total income before deductions are applied

• net income
• gross income

Income after deductions are taken out

• net income
• gross income

A professional who gets paid an amount reflected per year

• salary
• hourly wage
• piece rate
• commission

A worker who gets paid based on production (how many units are produced in an hour, for example)

• salary
• hourly wage
• piece rate
• commission

A worker who gets paid based on the number of hours worked. 

• salary
• hourly wage
• piece rate
• commission

A worker who is paid based on volume of sales (paid a percentage of sales)

• salary
• hourly wage
• piece rate
• commission

Typically, paid at time and a half the hourly wage. 

• overtime
• hourly wage
• piece rate
• commission

True or False: Salaried workers typically will be paid overtime

• True
• False

The tax form used by an employee to inform the employer about allowances to take out of a paycheck. 

• W-2
• W-4
• 1099-INT
• 1040EZ

Tax form that shows annual income and withholdings that an employer furnishes to an employee with a postmark of no later than January 31. 

• W-2
• W-4
• 1099-INT
• 1040EZ