U2 Income & Wages

The definition of gross income is (a)   .

• An amount of money paid to an emplo
• Money received from a job, business
• Income before payroll taxes are tak
• Income after payroll taxes and volu

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EPF.IE.1.5

What is the definition of adjusted gross income (AGI)?

• An amount of money paid to an employee at a specific rate

• Money received from a job, business, or assets

• Income before payroll taxes are taken out

• The amount of income remaining after subtracting all allowable adjustments to income from gross income

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EPF.IE.1.5

John is an HR manager and he is preparing a compensation package for a new employee. What is a compensation package?

• An amount of money paid to an employee at a specific rate

• Money received from a job, business, or assets

• Wages or salary plus fringe benefits

• Income after payroll taxes and voluntary deductions are removed

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EPF.IE.1.5

What is the definition of overtime wage?

• An amount of money paid to an employee at a specific rate

• The lowest hourly wage allowed by law for most workers

• 1.5x the hourly wage for hours worked over 40 in a singular work week

• Fixed rate for every hour worked during a regular work week

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EPF.IE.1.5

What is the definition of salary?

• An amount of money paid to an employee at a specific rate

• Benefits provided by employers but must be claimed as part of gross income for tax purposes

• Compensation in the form of a fixed sum of money paid at regular intervals

• Money earned by producing a unit or item for a set amount of money

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EPF.IE.1.5

What is the definition of piece rate?

• An amount of money paid to an employee at a specific rate

• Benefits provided by employers but must be claimed as part of gross income for tax purposes

• Money earned by producing a unit or item for a set amount of money

• A portion of a company's earnings paid back to shareholders

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EPF.IE.1.5

Sarah works as a real estate agent. Can you identify what her commission income would be?

• An amount of money paid to Sarah at a specific rate

• Benefits provided by Sarah's employer but must be claimed as part of gross income for tax purposes

• Money Sarah earned by producing a unit or item for a set amount of money

• Income Sarah receives, often a percentage of the sales price of the house she is selling

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EPF.IE.1.5

What is the definition of dividend?

• An amount of money paid to an employee at a specific rate

• Benefits provided by employers but must be claimed as part of gross income for tax purposes

• A portion of a company's earnings paid back to shareholders

• Income a salesperson receives, often a percentage of the sales price or service they are offering

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EPF.IE.1.5

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

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EPF.IE.1.5

Your gross pay is $525.50. Your net pay is $446.75. How much money was deducted from your pay check?

• $ 972.25

• $ 70.00

• $ 78.75

Tags

EPF.IE.1.5