WorksheetsChapter 2 Income, Benefits and Taxes
Total questions: 20
Worksheet time: 10mins
What is the federal minimum wage?
(a)
Who is responsible for setting the federal minimum wage?
President
U.S. Department of Labor
Internal Revenue Service
Congress
Which statement is true about claiming EXEMPT on a Form W-4?
No federal income, Social Security and Medicare taxes are deducted from a paycheck
No federal and state income taxes are deducted from a paycheck
No federal income tax is deducted from a paycheck
No Social Security and Medicare taxes are deducted
The amount left after all expenses are deducted from the revenues of a business.
Net Income
Profit
Budget Surplus
Revenue
Benefits decrease the overall value a worker receives from a job.
True
False
Which statement is true about benefits?
Some benefits help workers each financial goals.
Workers are taxed on most benefits.
Workers would have access to all benefits offered on their own.
Group insurance costs are more expensive than individual policies.
Money that goes into a pension plan is from both the employee and employer.
True
False
What type of health spending account allows employees to set aside money for qualified medical expenses and the money is lost if not used at the end of the year?
Health savings account
Tax shelter annuity
Flex 125 plan
Health retirement account
Which would not be an example of unearned income?
Interest
Dividends
Bonuses
Gambling winnings
Government transfer payments made directly on a person's behalf or in a form other than money would be known as
in-cash payments
entitlement programs
in-kind payments
transfer payments
Taxes may be based on consumption, income and wealth.
True
False
Paying a toll to be able to cross a bridge would be an example of a(n)
sales tax
excise tax
luxury tax
use tax
Even if you do not benefit directly, you benefit indirectly when others receive government assistance.
True
False
Which is not a unique quality of a public good?
Everyone benefits from them
They lower the overall standard of living in a country
No one can be excluded from the benefits
Those who benefit the most often pay less
What form indicates a person's marital status and the number of exemptions?
Form W-2
Form W-3
Form W-4
Form I-9
What is the Medicare Tax rate?
(a)
What does FICA stand for?
(a)
The laws that cover workers' compensation are the same in all 50 states.
True
False
By what date should a Form W-2 be received from an employer?
(a)
What date is Tax Day?
(a)
