Employment and Taxes

Generally, the more education you receive, the higher your lifetime earnings will be.

• True

• False

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

• Gross pay

• Year-to-date pay

• Net pay

• Total pay

Which of the following is a possible tax or deduction that they may show up on your paycheck?

• Federal income tax

• Contributions to retirement savings

• FICA

• All of these

The W-4 tax form is used to ___________.

• file your tax return.

• determine how much your gross pay should be.

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

• avoid paying income taxes on 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.

• W-9

• W-4

• W-2

• 1040

What do taxes pay for?

• Operation of financial institutions

• Schools, government departments, roads, and emergency services

• Privately-owned businesses

• None of the above

The gig economy offers ________.

• The migration of workers to high-tech jobs.

• The total availability of employment and labor in the economy.

• Flexible, short-term, and independent jobs.

• An economic system in which assets or services are shared between individuals.

Which of the following would you need in order to fill out your 1040?

• Your credit card statement

• Your job offer

• Your W-2

• Your employer benefits documentation

When considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer.

• TRUE

• FALSE

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.

• benefits

• pensions

• allowances

• deductions