Financial Literacy Unit 2

Deductions on your paycheck include all the following EXCEPT

• State taxes

• Union Dues

• Health Insurance

• Vacation Days Earned

On your paycheck, the amount you actually have available in the bank would be

• Gross pay

• Net pay

• Yield

• Deduction pay

Your career choice will have a major impact on your life. What is one thing that your career will NOT impact?

• Friends

• Vacations

• Income

• Motivation

What is a 529 plan?

• Retirement account

• Savings account

• College investment plan

• Roth IRA

Which of the following is NOT a part of the Career ladder?

• Career Level

• Specialist Level

• Supervisory Level

• Advisory Level

A form that inform you how much the government has withheld from your pay over the last year.

• I-9

• W-2

• W-4

• W-5

A common theme in career fields that are growing are

• They do not require more than a high school education.

• They are often in the medical or technology fields.

• The jobs have not been created yet.

• The jobs often require PhD’s.

Why is it a problem to rely on tips as part of your hourly pay?

• Tips vary and some days you may not receive any tips

• Tips are tax differed

• Tips are not claimed on your W2

• It is illegal to count tips into your hourly wage

What is the benefit of claiming 0 on your W4?

• It withholds almost no taxes

• It makes it easier to complete your W2

• It gives you a bigger paycheck

• It may give you a bigger income tax return

When applying for a loan, which type of income should you use

• Gross

• Net

• Real

• Actual