new Unit 2 Quiz (2022)

These factors are describing which TAX FORM?

-You fill out first day of a new job

-Line / Box 5 represents your deductions - which affects your paycheck and your refund

• W2 Form

• W4 Form

• 1040 EZ

• I9 Form / Requirements

These factors are describing which TAX FORM?

-This form requires that you bring ID first day on the job

-This form requires you prove you are eligible to work in the US (through ID)

• W2 Form

• W4 Form

• 1040 EZ

• I9 Form / Requirements

These factors are describing which TAX FORM?

-This is the official form to file your taxes

-You must have a W2 form for every job in order to complete this form

• W2 Form

• W4 Form

• 1040 EZ

• I9 Form / Requirements

These factors are describing which TAX FORM?

-Your employer fills this out in January

-Your employer must send this out by Feb 1

-It is a summary of what you made and what you paid

-You must have this form to file your taxes

• W2 Form

• W4 Form

• 1040 EZ

• I9 Form / Requirements

What is the main difference between GROSS pay and NET pay?

• Gross pay is what you get after taxes, while Net pay is before taxes

• Gross pay is the % that your employer matches for retirement

• Gross pay is before taxes, while Net pay is what you get after taxes

• Gross pay is how much you have to pay in taxes every pay period

Which pay do you see on your actual paystub / in your bank account on payday??

• GROSS PAY

• NET PAY

 

Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.

Jeremy worked 33 hours this week.

Calculate Jeremy’s GROSS PAY.

• 40 x 9.20 = $368

• 33 x 9.20 = $303.60

• 30 x 9.20 = $276

 

Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.

Jeremy worked 45 hours this week.

Calculate Jeremy’s GROSS PAY not including overtime hours

• 45 x 9.20 = $414

• 40 x 9.20 = $368

 

Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.

Jeremy worked 45 hours this week.

Calculate Jeremy’s OVERTIME PAY RATE

• 9.20 x 2 = $18.40/hour

• 9.20 x 1.5 = $13.80/hour

 

Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.

Jeremy worked 45 hours this week.

Calculate Jeremy’s Gross Pay - INCLUDING OVERTIME PAY

• 40 x 9.20/hour = $368

  9.20/hour x 1.5 = $13.80 / hour for overtime

  $13.80 x 5 hours of overtime = $69

  $368 gross pay + $69 overtime pay = $437

• 45 x 9.20/hour = $414