UNHS-Personal Finance - Self check 7

A person who is paid by the hour receives a

• salary

• wage

• commission

• bonus

A wage earner must be paid overtime for working more than hours a week.

• 20

• 25

• 30

• 40

Suppose Roy earns 10 dollars an hour and works 25 hours a week. How much will Roy earn in two weeks?

• $250.00

• $500.00

• $1,000.00

• $300.00

What is a DISADVANTAGE of being self-employed?

• setting your own hours

• keeping all of the profits

• freedom to make your own decisions

• paying for all of your own benefits

What is the formula for figuring net income?

• gross income + payroll deductions

• gross income – profit

• gross income + expenses

• gross income – payroll deductions

FICA taxes are used for

• national defense

• Social Security

• internal improvements

• universities

Which form shows how much money an employer has withheld from a workers’ pay for taxes in one year?n

• W-2

• 1040 EZ

• 1040

• 1040 A

Which form is used to file a tax return?

• 1040

• W-2

• W-4

• paycheck stub

What is deficit spending?

• The government spends more money than it collects in taxes.

• The government spends less money than it collects in taxes.

• State governments make their own decisions about taxes.

• Local governments make their own decisions about taxes.

A tax that charges a higher percentage on the wealthy is called a

• proportional tax.

• flat tax.

• regressive tax.

• progressive tax.