WorksheetsIncome and Taxes
Total questions: 20
Worksheet time: 13mins
The Fair Labor Standards Act_______.
is used by the government to set the minimum wage.
requires all states to have the same minimum wage.
sets a limit as to how much one person can earn per year.
None of these answers are correct.
Money added to an employee's base pay is a ________.
tip
commission
bonus
wage
A federal expense item that can be adjusted according to needs and revenues is a(n)
direct tax
indirect tax
mandatory expenditure
discretionary expenditure
Governments may use taxes to ______.
fight inflation
slow a recession
promote economic stability
all answers are correct
A tax, levied by federal and state governments on the sale and transfer of items like air travel, telephone services, and gasoline, is referred to as a(n) _______.
wealth tax
property tax
excise tax
sales tax
A newly hired employee will be asked to complete a ________.
W4
W2
1040
1040 EZ
A noncash compensation received in addition to a wage or salary is a(n) ______.
employee benefit
exemption
bonus
net pay
_____ refers to the amount of time an employee spends at work compared to the amount of time spent in personal life.
Mandatory expenditure
Voluntary compliance
Overtime wage
Work-life balance
The largest government entitlement program currently is _____.
Social Security
Medicare
education
deficit spending
The total income before payroll deductions is called_____.
net pay
adjusted gross income
gross pay
earned pay
(a) is calculated by subtracting tax adjustments from total income.
An individual who relies on someone else for financial support is a(n) (a) .
A(n) (a) tax is paid to the government by the taxpayer.
A(n) (a) is an amount that a taxpayer can claim for each person who is dependent on that person's income.
Taxes paid by both the employer and the employee that are used to finance the federal Social Security and Medicare programs are called (a) .
A(n) (a) is a subtraction from gross pay.
(a) is gross pay minus payroll deductions.
A federal program that pays for certain health-care expenses for older citizens and others with disabilities is (a) .
A(n) (a) is the review of financial records and statements to make sure the information is accurate as reported.
The (a) is a Wage and Tax Statement that shows a person's earning and the amount of taxes withheld from the earned income during the current year.
