WorksheetsIncome and Taxes
Total questions: 15
Worksheet time: 8mins
Income earned from employment or self employment
Wage
Earned Income
Salary
Piecework
Payment for work (often weekly or every other week)
Wage
Minimum Wage
Bonus
Piecework
The lowest hourly wage employers can pay most workers by law
Minimum Wage
Wage
Overtime Wage
Salary
Where is the highest amount for minimum wage?
Washington DC
Virginia
California
Texas
Most minimum wage workers are teens
TRUE
FALSE
Paid to eligible workers who work more than 40 hours per week
Overtime Wage
Bonus
Tips
Commission
Fixed payment for work (expressed as an annual figure)
Salary
Wage
Commission
Bonus
How many hours are in a typical work week?
40
30
26
35
Income paid as a percentage of sales made by a salesperson
Commission
Tip
Gratuity
Bonus
Total Income before deductions
Gross Pay
Net Pay
G.E.T Pay
Payroll
What are 3 examples of mandatory deductions from gross pay?
FICA taxes, State taxes, and Federal taxes
Payroll tax, Insurance premiums, and Healthcare
State taxes, Federal taxes, and Insurance premiums
Income tax, FICA taxes, and Insurance premiums
Internal Revenue Service use your Social Security Number as your Tax Identification Number
TRUE
FALSE
Who would pay more in taxes?
Single person
Married person with 1 child
Married person with 3 children and takes mother depends on their income
If you are self employed, you must pay both the employer share and the employee share of the FICA taxes
TRUE
FALSE
Click the states below who DO NOT have a state income tax
Nevada
Arkansas
Wyoming
Washington
South Dakota
