Assessment 3 Review Finance

You work part-time for $9.50 an hour. You work for 15 hours this week, how much is your gross pay?

• $ 24.50

• $ 142.50

• $ 155.00

What is net pay?

• The total earnings on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

What is gross earnings?

• The total amount of wages on your paycheck

• Three taxes that everyone must pay

• How much a person is worth in total

• The amount of your paycheck after taxes are taken out

withheld from an employee’s wages or salary

• disposable income

• payroll taxes

• workers compensation

• earned income

Money received on a regular basis for work or through investments

• Values

• Taxes

• Income

• Fixed Cost

Required payments to a government

• Variable Cost

• Gross Monthly Income

• Taxes

• Income

Total amount of earnings made over a month before any deductions

• Net Monthly Income

• Gross Monthly Income

• Income Tax

• Social Security

A portion of one's personal income paid to a government (one correct answer)

• Fixed Cost

• Variable Cost

• Income Tax

• Taxes

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

When do employers send your W-2 Form? 

• By January 31 each year. 
• Whenever it is requested.
• By April 15 each year.
• By December 31 each year.