Income, Employment & Taxes Review

When you work more than 40 hours a week, the overtime pay rate for any hours worked beyond the regular 40 is usually how much?

• Double the regular rate

• The same as the regular rate

• 1 and a half times the regular rate

• None of these are correct

Choose all of the options that are benefits received by full time workers.

• Paid vacation

• Sick leave

• Health Insurance

• Employers don't offer benefits to their workers

The form that verifies to an employer whether an employee is eligible to work in the United States

• w-4 form

• 1040 form

• i-9 form

• w-2 form

Answer explanation

i = identitifcation

Which tax provides a system of old-age, survivors, and disability insurance?

• Payroll Tax

• Social Security Tax

• Property Tax

• Sales Tax

Contributing money to your retirement plan is an optional payroll deduction. Unlike federal, state and social security taxes, which are required.

• True

• False

If unearned income is income that you did not have to work for, which of the following is a type of unearned income?

• Commission

• Tip

• Bonus

• Interest

Earned income is recieved by working for someone who pays you.

• True

• False

Taxes taken out of your paycheck, as stated on a w-2, are referred to as: 

• Earned Income

• Witholdings

• Unearned Income

• Free money

Gross pay is total pay AFTER taxes or deductions are taken out and net pay is total pay BEFORE taxes or deductions are taken out.

• True

• False

Answer explanation

It's the opposite

What is it called when someone gets paid by taking the total number of hours worked and multiplying by the rate of pay per hour?

• Annual Salary

• Shared Tips

• Hourly Wage

• Unearned Income