Chapter 10 Review: Income and Taxes

Overtime is calculated at 1.5 times an employee's regular rate of pay.

• True

• False

Employees who are paid biweekly are paid twice a week.

• True

• False

Employees who are paid semi-monthly receive 26 paychecks per year.

• True

• False

Tax deductions are calculated as a percentage of net pay.

• True

• False

Federal law requires employers to pay a minimum wage.

• True

• False

Social security is the tax that pays for medical insurance for older adults.

• True

• False

Which form is used to report an employees earnings and taxes paid in a year?

• W-2

• W-4

• I-9

• 1040

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

• January 1

• January 31

• April 1

• April 15

amount returned by the government for overpaid taxes

• Transfer payment

• Tax refund

pay based on number of hours worked

• salary

• wages

• earned income

• unearned income