Unit 2: Income and Taxes

What is the current llinois Minimum Wage?

• 8.25
• 7.25
• 11
• 9

The law that requires workers to contribute to Social Security and Medicare is the Federal Insurance Contributions Act.

• true
• false

A percentage of a sale paid to a salesperson is called a

• Tip
• Salary
• Wage
• Commission

Taxes placed on income earned by individuals that are paid to the government.

• Income Taxes

• Payroll Taxes

• Fair Tax

• Net Pay

The amount you earn before taxes are withheld.

• Net Income

• Gross Income

• Withholdings

• Benefits

Forms of pay other than salary or wages are called benefits.

• True

• False

The amount of a paycheck after deductions.

• Net Income

• Gross Income

• Withholdings

• Benefits

Pay received for hours worked in addition to regular hours.

• Extra Pay

• Net Pay

• Bonus Pay

• Overtime Pay

The people whom you support financially, such as children, are called dependents.

• True

• False

A form filled out by an employee that provides information needed to determine the proper amount to withhold from his or her paycheck is a ____.

• Form W-4

• Form W-2

• Tax Return

• None of the above