Cooperative Work Training Final Exam (Spring 2021)

Amounts of money subtracted from an employee's total pay.

• Deductions

• Exemption

• Form W-2

• Form W-4

• Gross Pay

A form that tells the employer how much tax to withhold from an employee's paycheck.

• Deductions

• Exemption

• Form W-2

• Form W-4

• Gross Pay

A form that states the amount the employee was paid in the previous year.

• Deductions

• Exemption

• Form W-2

• Form W-4

• Gross Pay

Take-home pay is also called

• Deductions

• Exemption

• Net Pay

• Medicare

• Gross Pay

A set amount of money in which a person does not have to pay tax.

• Deductions

• Exemption

• Net Pay

• Medicare

• Gross Pay

The total amount an employee earns for a pay period before any deductions are subtracted.

• Deductions

• Exemption

• Net Pay

• Medicare

• Gross Pay

Parks, roads, police, schools, governmental agencies, fire, and emergency services are all funded by taxes.

• True

• False

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

When is a W-4 form filled out?

• When you file your taxes

• When you quit a job

• Before you start work at a new job

Who is responsible for filling out a W-4 form?

• You (the employee)

• Your employer

• Your bank

• The IRS