Earning and Reporting Income Review

Wages are paid per ________.

• Hour

• Minute

• Year

• Second

Which of the following retirement plans is a company sponsored plan that makes regular payments to employees after retirement?

• Pension Plan

• 401K

• 403B

• All of the above

Your compensation is based on _________.

• Amount of education
• Amount of training
• Skill Knowledge and development
• Career Choice
• All of the above

True or False. A W-4 is for state income tax.

• True

• False

True or False. You are mandated to pay into Social Security and Medicare.

• True

• False

True or False. Your income comes from working in exchange for payment or services.

• True

• False

A _______________ is when the court orders you to pay back money on an owed balance, such as an overdue credit card.

• Garnishment
• Social Security

• Child Support

• Tax Levy

Social Security provides income for ____________.

• Citizens aged 65 or older
• Retirees
• Children who have lost a parent
• All of the above
• Both B & C

You can receive unemployment benefits if you were fired from a job.

• True

• False

Which of the following is not a source of income?

• Your annual salary for doing your job

• Your monthly student loan payment

• The stipend you receive for doing an internship

• The wages you receive after a work shift