Unit 2- Career Prep B

The ____ is the form employers use to inform you of the amount of money deducted from your paycheck in a given year.

• W4

• I9

• W2

• W9

The form employers use to determine how much tax to deduct from your paycheck is _____.

• W2

• W4

• I9

• W9

The total money earned in your paycheck before taxes and deductions is _____.

• gross pay

• net pay

• federal income tax

• state income tax

If Maddy’s gross pay is $500 this pay period and the Social Security tax is 6.2%, how much Social Security tax will be deducted from Maddy’s paycheck?

• $310.00

• $7.25

• $72.50

• $31.00

If Lanten’s gross pay is $1,800 this pay period and the Medicare tax is 1.45%, how much Medicare tax will be deducted from Lanten’s paycheck?

• $26.10

• $261.00

• $2.61

• $111.60

According to financial experts, what portion of your income should be devoted to needs?

• 20%

• 30%

• 40%

• 50%

According to financial experts, what portion of your income should be saved?

• 20%

• 30%

• 40%

• 50%

Which of the following is an example of a short-term goal?

• Katie wants to save for college

• Katie wants to save $100 for a trip this summer

• Katie wants to save to buy a house

• Katie wants to plan for her retirement

The following statement is a SMART goal: “I want to make all As.”

• True

• False

The T in SMART goals refers to making goals that are

• TImely

• Taxes

• Thorough

• Third