GFL Strand 3, Standard 1: Sources of Income and Job Skills

What is a source of income?

• A grocery list.

• Salary, wages, and tips.

• Watching TV.

• Spending money at the store.

What are wages?

• Money earned hourly or by completing tasks.

• Extra money given as a gift.

• Money spent on bills each month.

• Taxes collected by the government.

What is a commission?

• A flat salary earned each month.

• A bonus paid for completing training.

• Money earned based on sales made.

• A fee paid to employees by their company.

What is the purpose of Social Security (FICA)?

• To give benefits to workers when they retire.

• To pay for student loans.

• To save money for emergencies.

• To fund business operations.

What is gross income?

• The total money earned before taxes and deductions.

• The money left after paying bills.

• The amount spent on daily expenses.

• Money deposited after tax refunds.

What is net income?

• The money earned before taxes are taken out.

• The amount left after taxes and deductions.

• The total amount saved in a year.

• The income spent on hobbies.

What is taxable income?

• The total earnings after all deductions are subtracted.

• All income, including tax-free savings.

• Only the amount earned through tips.

• A paycheck without any taxes applied.

What does a W-2 form show?

• Your yearly earnings and taxes paid.

• A list of your monthly expenses.

• Your savings and investments.

• Your tax refund estimate.

What is the purpose of a W-4 form?

• To report your earnings for the year.

• To tell your employer how much tax to withhold.

• To apply for a job at a company.

• To calculate deductions on medical expenses.

What is an I-9 form used for?

• To confirm a worker’s identity and legal employment status.

• To apply for unemployment benefits.

• To calculate tax refunds.

• To pay state income taxes.