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Taxes & Income Unit Test

Total questions: 44

Worksheet time: 54mins

Name
Class
Date
1.

The amount of your income or paycheck after any deductions – like taxes or insurance payments that are subtracted. This is your take-home pay.

a)

Net Pay

b)

Gross Pay

c)

Income Tax

d)

Social Security Tax

2.

The entire amount of your income or paycheck before any deductions

a)

Net Pay

b)

Gross pay

c)

Income Tax

d)

Social Security Tax

3.

a tax used to fund a program of the US government that gives money to elderly people. The elderly receive funds because the federal government has deducted money from each of their paychecks during the course of their working lives.

a)

Net Pay

b)

Gross pay

c)

Income Tax

d)

Social Security Tax

4.

The largest three categories on which the federal government spends money.

a)

Health Care

b)

Military/defense

c)

Interest on the national Debt

d)

Scientific research

5.

I determine how much money is withheld from your paycheck for income taxes. Who am I?

a)

W-2 form

b)

I-9 form

c)

W-4 form

d)

1040 form

6.

Linzy has a part-time job that pay $10/hour. She works about 40 hours a month all year. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (8%). What is her approximate net pay per month?

a)

$400

b)

$655

c)

$337.40

d)

$62.60

7.

You receive me when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me. Who am I?

a)

1040 form

b)

I-9 form

c)

W-4 form

d)

W-2 form

8.

Choose all of the following that are true about this paystub:

a)

Her net pay for the year so far is $536.16

b)

Ms. Smart is paid every other week

c)

Ms. Smart paid $9.32 towards Medicare in this pay period only?

d)

Ms. Smart doesn't have to pay state income tax in Utah.

9.

Tatiana is an employee. Which of the following is her responsibility?

a)

determine how much money to withhold based on W-4 information

b)

Requesting her W-2

c)

Completing a W-4

d)

Completing a W-2

10.

Which of the following statements if true about a W-2 form?

a)

Lists all of the money you earned in cash over the last year.

b)

The total wages you earned from all jobs worked in the previous year is listed on one W-2 form

c)

You need separate W-2 forms from each of your employers.

d)

Ms. Salwerowicz doesn't get paid enough money.

11.
What is Income Tax?
a)
Tax on Earned Income
b)
Tax on Unearned Income
c)
Tax on Earned and Unearned Income
d)
Taxes on the Wages you earn from your Employer
12.
When you combine Medicare and Social Security what Tax do you have?
a)
FICO
b)
FICE
c)
FACE
d)
FICA
13.
When more money is spent than is earned or received you have a(n)...
a)
Surplus
b)
Deficit
c)
Budget
d)
Asset
14.

Total amount of earnings made over a month before any deductions

a)

Net Monthly Income

b)

Gross Monthly Income

c)

Income Tax

d)

Social Security

15.

A deduction is

a)

gross income

b)

money added to your income

c)

net income

d)

money taken out of your income

16.

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

a)

$102.05

b)

$102.45

c)

$112.05

d)

$152.45

17.

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

a)

January 1

b)

January 31

c)

April 1

d)

April 15

18.

fixed rate of pay for week, month, or year

a)

wages

b)

commission

c)

tips

d)

salary

19.

money leftover to spend after paying taxes

a)

disposable income

b)

unearned income

c)

earned income

d)

gross income

20.

Pays medical and disability benefits to employees injured on the job

a)

unearned income

b)

earned income

c)

workers compensation

d)

Medicare

21.

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

a)

April 15th

b)

October 15th

c)

December 31st

d)

January 1st of the next year

22.
How many weeks in a year?
a)
365
b)
52
c)
26
d)
12
23.
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
a)
An excise tax on the shirt she purchased
b)
 Property tax on the shirt she purchased. 
c)
Income tax on the shirt she purchased. 
d)
Sales tax on the shirt she purchased.
24.
Gross income minus deductions equal your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?
a)
$506
b)
$406
c)
$262
d)
$266
25.

The following list represents which source of income from our notes?


Teacher salary

Bank manager salary

Walmart employee wages

Apple employee wages

Google manager salary

a)

Passive income

b)

Earned income

c)

Portfolio income

26.
Earned income includes:
a)
Wages, Salaries, Tips, and other taxable employee pay
b)
Union Strike Benefits
c)
Long-term disability benefits received prior to retirement age
d)
All of these are correct
27.
Austin has just received his first paycheck. He worked 22 hours at his new job and is being paid $8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it to be?
a)
Austin calculated the hours he worked without deducting the hours he spent doing on_the_job training.
b)
Austin neglected to deduct the excise tax paid on the uniforms he purchased to wear at his job.
c)
Austin neglected to deduct the amount required to pay income and payroll taxes.
d)
Austin’s employer made a mistake calculating the number of hours Austin worked during his first pay period.
28.
What is money received on a regular basis for work or through investments?
a)
salary
b)
paycheck
c)
wage
d)
income
29.
The different ways an employer can issue pay checks are:
a)
Weekly
b)
Bi-Weekly
c)
Monthly
d)
All of these are correct
30.
What is money an employee is paid for selling a certain amount of an item, extra pay an employee makes.
a)
Profit
b)
Commission
c)
Unearned income
d)
Deductible
31.
What is form of compensation, such as vacation days, sick days, and health insurance?
a)
Perks
b)
Worker's Compensation
c)
Net Pay
d)
Benefits
32.
What is the money remaining after you've paid all your taxes and bills, your fun money?
a)
Disposable income
b)
Gross Pay
c)
Perks
d)
Deductible
33.
What is money you make from investments or when people give you free money called?
a)
Tax
b)
Minimum wage
c)
Unearned income
d)
Net pay
34.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
35.
Time and a half pay is ...
a)
1.0 x normal rate
b)
1.5 x normal rate
c)
2.0 x normal rate
36.
Double time pay is ...
a)
1.0 x normal rate
b)
1.5 x normal rate
c)
2.0 x normal rate
37.
Normal working time is ______ hours per week.
a)
48
b)
38
c)
30
d)
25
38.
How many weeks in a year?
a)
365
b)
52
c)
26
d)
12
39.
Being paid by the number of pieces produced is called ...
a)
Wages
b)
Object work
c)
Piecework
40.
Gross income minus deductions equal your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?
a)
$506
b)
$406
c)
$262
d)
$266
41.
Dayanara's gross income was $550.  What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?
a)
$132.50
b)
$417.50
c)
$440.00
d)
$638.50
42.
Yvonne's gross income:  $703
Yvonne's deductions:  $251.18
Yvonne's net income:  ?
a)
$451.82
b)
$551.82
c)
$954.18
d)
$25,812.00
43.
What percent of gross are payroll taxes (social security + medicare)?
a)
it varies
b)
1.45%
c)
6.2%
d)
7.65%
44.

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

a)

$39

b)

$67

c)

$91

d)

$96

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