Chapter 2: W is for Wages, W4, and W2

Full-time employment is considering working _________ hours per week.

• 50

• 40

• 35

• 45

A W4 Form is a federal tax form that every new employee must complete prior to starting a new job.

• True

• False

How do you calculate earned wages for one week?

• A fixed amount (same amount) every week

• Minimum Wage Rate x Hourly Pay Rate

• One week x Hourly Pay Rate

• Hours worked x Hourly Pay Rate

Most employees are paid every 2 weeks (bi-weekly)?

• True

• False

When you pay social security and medicare taxes, your employer pays it for you?

• True

• False

If you work part-time, then your employer must offer you medical benefits?

• True

• False

If you are employed legally in the US, then you are required by law to pay taxes?

• True

• False

Which federal agency deals with federal taxes?

• FBI

• IRS

• CIA

• ATF

If you worked for 5 employers throughout a year, then how many W4 forms would you need to complete?

• 1

• 5

What is a W2 Form?

• An end of the year statement used for starting a new job

• A summary of wages and deductions for one year

• A form required to be completed to start a new job

• A pay stub statement of how much was earned