2019-20 Financial Literacy - Unit 2 Test Review

Net pay is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

John worked 60 hours this past week? Will he get paid any overtime hours?

• No

• Yes, 10 hours

• Yes, 20 hours

• Kind of, but not really

If Josh worked 60 hours this week at $11/hour, how much will he get paid for overtime?

• $16.50/hour

• $22/hour

• $20/hour

• She hasn't earned OT

If Josh has a GROSS PAY of $896.50, and he has 30% withheld for taxes, social security, and retirement plus $15 for insurance, how much is his TAKE HOME PAY for the week?

• $612.55

• $850.00

• $650.00

• 500.00

What is the program that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died?

• social security
• taxes
• medicare
• income tax

This government agency is responsible for collecting taxes and enforce the tax laws is:

• FBI

• Dept. of Labor

• IRA

• IRS

This form shows your wages, salaries, and tips for a given tax year. You will use it to prepare your tax return.

• social security form

• W-4 form

• W-2 form

• Allowance form

This form is completed by an employee when you first start a job, to disclose your tax withholdings from your paycheck.

• W-2 form

• W-3 form

• W-4 form

• 1040

This is your permanent work identification number:

• employee number

• tax exempt number

• phone number

• social security number

Income after taxes/deductions.

• gross income

• net expenses

• balance

• net income