Font size
WorksheetsChapter 2 Income, Benefits and Taxes - Part 2
Total questions: 20
Worksheet time: 15mins
A(n) __ is what would be made per hour and a(n) ___ is a set amount. (Separate answers with a semicolon.)
(a)
The minimum wage for the state of Nebraska is (a) .
Hours worked in addition to the standard are called
minimum hours
overtime hours
regular hours
minimum wage
Small businesses employ more workers than all of the country's large corporations combined.
True
False
The amount left after all expenses are deducted from the revenues of a business.
Budget surplus
Net income
Profit
Budget deficit
Many entrepreneurs start out working for other businesses in order to gain needed knowledge and experience.
True
False
(a) is an insurance plan that employers are required by law to provide for employees.
What does IRS stand for?
(a)
___ are the people who buy stocks in a corporation.
Owners
Stockholders
Board of Directors
CEOs
Which would not be an example of an in-cash transfer payment?
Social security payments
Unemployment benefits
Workers' compensation
Medicaid
Taxes based on __ are based on what consumers use or buy.
Wealth
Income
Luxury
Consumption
All of the following are disadvantages of paying taxes except . . .
receiving social security payments upon retirement
lower sales for businesses
decrease in charitable donations
workers being laid off
The more exemptions claimed, the more tax withheld.
True
False
Form __ verifies that workers are eligible to work in the United States.
W-4
1099
I-9
1040
Which is not a requirement used to determine if a tax return needs to be filed.
Age
Withholding allowances
Dependent status
Income
The federal government will reach out to you if you are owned a refund.
True
False
A reduction of income that is able to be taxed.
Tax Credit
Tax Deduction
Tax Allowance
Tax Income
What is the standard deduction for a single person?
$13,580
$13,508
$13,805
$13,850
The amount of interest earned on a savings account would be shown on . . .
Form W-3
Form 1040
Form 1099
Form I-9
FICA tax is a combination of which taxes?
Federal Income and state income taxes
State income and social security taxes
Medicare and federal income taxes
Social security and Medicare taxes
