Income Quiz

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money BEFORE taxes

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

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

Payment for a fixed amount of work is...

• A Contract

• Commission

• Income

• Minimum Wage

Being paid Bi-Weekly means you get paid every...

• Two Days

• Two Weeks

• Two Months

• Two Years

A Salary is...

• How much you get paid per HOUR

• How much you get paid per WEEK

• How much you get paid per YEAR

• How much you get paid per MONTH

Michael worked 42 hours last week. His regular pay is $10.00 per hour. He is paid 1 1/2 times his regular pay for overtime hours (in excess of 40 hours). What was his gross pay?

• $420

• $430

• $630

• $840

What is Lisa's net monthly income if her monthly income is $1,000 per month and her total deductions are $199.80?

• $1,000.00

• $800.20

• $199.80

• None of the above

Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (a total of $3,000 for the whole summer). Tina does not plan to work any other jobs this year.

What is Tina's gross annual income (GAI)?

• $1,000

• $2,000

• $3,000

• $12,000

Who pays into Social Security?

• Employees

• Self-employed

• Employers

• All of the above