Quiz #1

1. Each of these is a common payroll deduction EXCEPT…

• 1. Office supplies and equipment

• Federal income taxes

• 1. FICA

• 1. Health insurance plan

1. Katherine receives a paycheck for 15 hours of work at a rate of $20 per hour from Chipotle. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is her net pay? 

• $206

• 1. $254

• 1. $300

• 1. $394

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

1. Which expenditures (spending) make up the greatest share of state spending?

• 1. Education and health care

• 1. Transportation and corrections

• 1. Low-income assistance and pensions

• 1. Environmental programs and parks

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

1. Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

• 1. He can take all three for $25,450 in deductions

• 1. He can take the $7,000 and the $12,950 for $19,950 in deductions

• He can take the $5,500 and the $12,950 for $18,450 in deductions

• 1. He can take the $5,500 and the $7,000 for $12,500 in deductions

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

1. Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits.  Her W-2 states that $2,670 was withheld in federal tax.  This means that Maricela…

• 1. Has to pay $177 in taxes owed

• 1. Will receive a refund of $177

• Will pay $177 less in taxes next year since she overpaid this year

• Should speak to her employer to get the $177 in extra taxes that they withheld

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

Which statement best describes the difference between being paid a wage versus being paid a salary?

• 1. A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

• 1. A wage is paid every two weeks, while a salary is paid monthly

• 1. A wage is paid to part-time employees, while a salary is paid to full-time employees

• 1. A wage is paid based on how many hours you work, while a salary is a fixed amount paid regardless of the number of hours

1. Payroll taxes are different from income taxes in all of the following ways, EXCEPT…

• 1. Payroll taxes are regressive, while income taxes are progressive

• 1. Payroll taxes are based on your wages and salary, while income taxes are based on all your forms of income

• 1. Payroll taxes fund the Social Security and Medicare programs, while income taxes fund government programs more broadly

• 1. Payroll tax rates scale upward with income, while income taxes are a flat rate across all earning levels

1. All of the following are reasons that you might receive a 1099 statement EXCEPT…

• 1. Working as an independent contractor

• 1. Working as a full-time employee for a business

• Receiving unemployment benefits

• 1. Earning interest or dividends on investments

1. What statement is true about standard and itemized personal deductions?

• 1. The standard deduction is always more than itemized personal deductions

• Itemized personal deductions are always more than the standard deduction

• 1. You can take either the standard or itemized personal deductions, but not both

• 1. The standard deduction is refundable but itemized personal deductions are not

1. James received his W-2.  How much did he pay in federal and FICA taxes combined?

• 1. $1,576.20

• 1. $2,861.30

• 1. $4,437.50

• 1. $4,962.93

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3