Income Earning Review

All are employee benefits, except

• Health Insurance

• Paid Vacation

• Life Insurance

• Medicaid

The F.I.C.A. tax is used to fund:

• Medicare and Social Security

• Public Libraries

• National Parks

• Education

Who pays FICA taxes?

• Employers

• The Government

• Employees

• Employees and Employers

Helen grosses $45,000 a year. What are her gross weekly wages?

• $1,125.00

• $865.38

• $856.83

• $900.00

Salary is

• Calculated by the number of hours worked

• A fixed payment for work

• An extra payment for work

• Part time work

Human Capital includes which of the following:

• The talent people possess

• The skills people possess

• The knowledge that people possess

• All of these are correct

A car salesman earns 7.2% on the sale of a car priced at $32, 990. What is his take home pay that day?

• $2375.28

• $451,854.44

• $23,752

• $4581.94

People invest in human capital by:

• Getting more work experience

• Getting additional training

• Getting additional education

• All of these answers are correct

All of the following are examples of payroll deductions except,

• FICA

• Self employment income

• Medicare

• Federal income taxes

Gross pay is

• The amount earned before deductions are taken out

• The amount earned after deductions are taken out

• Calculated by dividing the number of hours worked by 40

• Calculated by multiplying the hourly wage by 40