Standard 15 Test

What is the gig economy?

• The number of people in the economy who have full-time employment jobs.

• A flexible market that allows you to work short-term, independent jobs.

• The total availability of employment and labor in the economy.

• An economic system in which assets or services are shared between individuals.

What do you need in order to fill out your 1040?

• Your W-2

• Your employer benefits documentation

• Your credit card statement

• Your job offer

For most careers, which degree will most likely result in the highest lifetime earnings?

• High school degree

• Associate's degree

• Licensure or certification

• Bachelor's Degree

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

• Gross pay

• Total pay

• Net pay

• Year-to-date pay

When you start a new job, you fill out a W-4 form to _________.

• determine how much your gross pay should be.

• avoid paying income taxes on your paychecks.

• file your tax return.

• to determine how much federal income tax your employer should withhold from your paychecks.

How does the government pay for roads, schools, and emergency services?

• They are funded through non-profits.

• They are funded through taxes.

• They are funded through charitable donations.

• None of the above

The W-2 form is a form that tells you _______.

• how much taxes to withhold from your paycheck.

• how often you will be paid.

• how much taxes you owe to the federal government.

• how much taxes you've paid in the last year based on how much you've earned.

Which of the following is NOT considered part of your benefits package available from your employer?

• Paid time off

• Disability Insurance

• Healthcare insurance

• Free technology equipment

Which of the following is a possible tax or deduction that they may show up on your paycheck?

• Federal income tax

• Contributions to retirement savings

• FICA

• All of the above

When considering a job offer, you should only consider how much you're being paid before you accept the offer.

• TRUE

• FALSE