Income and Wages Quiz

What is the definition of income?

• The payment people receive for providing resources in the market.

• The income for providing human resources (labor).

• The amount saved after expenses.

• The total expenses incurred in a month.

What is the total gross pay for John during this pay period?

• $350.00

• $360.00

• $370.00

• $380.00

How much is deducted for Medicare Tax (FICA) this period?

• $5.22

• $22.32

• $21.40

• $1.00

What is the amount of Medicare tax withheld on the W-2 form?

• $125.28

• $200.00

• $300.00

• $400.00

What do many people try to adjust to ensure they pay the correct amount of taxes?

• Their annual salary

• The amount of money withheld

• Their spending habits

• Their bank account balance

Which of the following is a recreational service provided by local governments?

• State parks

• National defense

• Space exploration

• International trade

What is net pay?

• The total amount earned before any deductions

• The amount received after taxes and deductions

• The amount set aside for savings

• The total amount of taxes paid

What is the main topic of the document?

• Health insurance

• Employee benefits

• Income tax withholding

• Job applications

What is the title of the document?

• Understanding Your Paycheck

• It's Your Paycheck!

• Managing Your Finances

• Tax Filing Basics

What is the primary action required by employees regarding Form W-4?

• Submit it to the government

• Complete it before starting a job

• File it with their tax return

• Use it to apply for benefits