Employment and Income Taxes

What is net pay?

• A. The amount of pay earned for the total number of hours worked.

• B. The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• C. The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• D. Your gross pay plus any bonuses.

Tags

CCSS.7.NS.A.1

What is the difference between gross and net pay?

• A. Gross pay is after taxes are subtracted but net pay is before taxes are taken out.

• B. Gross pay is before taxes are subtracted but net pay is after taxes are taken out.

• C. Gross and net pay are basically the same things.

• D. Net pay is a salary and gross pay is from hourly wages.

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

• A. gross pay

• B. net pay

• C. total pay

• D. year-to-date pay

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CCSS.7.EE.B.3

CCSS.7.NS.A.3

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

• A. Restaurant tax

• B. Federal income tax

• C. FICA

• D. Contributions to retirement savings

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

• A. State income tax

• B. Contributions to retirement savings

• C. FICA

• D. Sales tax

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

• A. FICA

• B. Overtime pay

• C. Federal income tax

• D. Contributions to retirement savings

What is the purpose of the W-4 form?

• A. To file your tax return.

• B. To determine how much your gross pay should be.

• C. To inform your employer of how much federal income tax to withhold from your paychecks.

• D. To avoid paying income taxes on your paychecks.

The W-4 tax form is used to ___________.

• A. tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.

• B. determine how much your gross pay should be.

• C. file your tax return.

• D. avoid paying income taxes on your paychecks.

When you start a new job, you fill out a W-4 form to _________.

• A. determine how much your gross pay should be.

• B. file your tax return.

• C. avoid paying income taxes on your paychecks.

• D. to determine how much federal income tax your employer should withhold from your paychecks.

Your employer sends you a _______ form that tells you how much you've made and

how much you've paid in taxes in the last year.

• A. 1040

• B. W-2

• C. W-4

• D. W-9