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WorksheetsModule 2: Income and Taxes
Total questions: 35
Worksheet time: 28mins
Training employees to be efficient in more than one skill is called ____.
Flextime
Job sharing
Job rotation
Overtime
The right of a person hired first to be fired last is called ____.
A fringe benefit
Sick leave
Seniority
A work incentive
The property tax is an example of which type of tax?
Progressive tax
Regressive tax
Proportional (flat) tax
Excise tax
In the United States we have progressive income taxes which means that as taxable income increases, income tax rates ____.
Also increase
Stay the same
Decrease
Depends on other factors
Which of the following workplace trends allows flexibility for employees in work hours?
Job rotation
Job sharing
Family leave
Flextime
Which of the following is NOT an income tax filing status?
Single person
Divorced person
Married person filing joint return
Head of household
A closer examination of tax returns by the IRS is called ____.
Tax evasion
A tax bracket
An audit
An itemization
Which of the following is NOT part of taxable income?
Tips
Child support (if you receive it)
Interest from savings accounts
Dividends from stock investments
Social Security and Medicare make up an employee’s ____ deductions.
Interest
401K
FICA
IRA
For 2022, the standard deduction for a single taxpayer is valued at ____.
$10,000
$25,800
$12,950
$19,425
An individual who works in management for Walmart is said to work in the _____.
Private sector
Blue-collar industry
Public sector
Military
The figure used to look up the tax you owe on the tax table is called:
Gross income
Total revenue
Net income
Taxable income
An Auto Mechanic is an example of a(n) ____ worker
White collar
Government
Blue collar
Purple collar
This form is filled out as a part of new-hire paperwork and determines how much tax is withheld from your paycheck.
W-4
W-2
W-3
1040
Overtime is calculated, by law, as _________.
“Double time”
"Time-and-a-half"
"Triple time"
"Half-time"
Time off, insurance, bonuses and alternative work schedules are all examples of ____.
Salary
Assets
Benefits
Compensation
Willful failure to pay taxes is a crime known as ____.
Tax evasion
Tax fraud
Voluntary compliance
Auditing
Social security and Medicare are deductions from our gross pay also known as _____ deductions.
401K
IRA
FICA
Fiscal
A person’s net worth is calculated as follows:
Credit + Assets = Net Worth
Debt – Credit = Net Worth
Assets + Liabilities = Net worth
Assets - Liabilities = Net worth
A Corporate Attorney is an example of a _____ worker.
White collar
Blue collar
Black market
Government
“Married filing jointly” is an example of a(n) ___________.
Benefit
Exemption
Deduction
Tax filing status
The American Dental Association is an example of which of the following?
A labor union
A management group
A professional organization
A mediator
Stipends are ___________.
One time lump sum payments
Paid to individuals who work over 40 hrs. per week
A percentage of sales
Deductions to gross income
Which is NOT a major function of labor unions?
Recruit new members
Provide support services for members
Oversee collective bargaining
Administer exams and accreditations
Mandatory deductions from a person’s paycheck include ______.
Property taxes and employee benefits
Taxes and contributions to a retirement account
Regressive taxes and employee savings
Federal withholding tax and FICA taxes
The money given back to the tax-payer if they have over paid taxes for the year is known as a tax _______.
Assessment
Refund
Audit
Deduction
Wages are _______.
Hourly earnings
A percentage of sales
One-time lump sums
Exempt from federal income tax
A sales tax is an example of a _______.
Progressive tax
Proportional tax
Regressive tax
Income tax
Which of the following is the primary source of income for young professionals?
Child support
Dividends
Capital gains
Wages, tips, & salaries
An individual who teaches for Stafford County Schools is said to work in the ______.
Private sector
Blue-collar industry
Public sector
Military
Which U.S. Federal Agency controls our Nation’s Monetary Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
Which U.S. Department works with the IRS to control our Nation’s Fiscal Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
Which tax form is used to file your income taxes and to determine if you have earned a refund or if you owe the IRS?
W-4
Form 1040
Form 1099
W-2
Which tax form reports income from wages, tips and/or salary in a given tax year? (comes from your employer)
W-4
Form 1040
Form 1099
W-2
If a person has a net worth of $5,000 and has assets totaling $7,000. How much does this person have in liabilities?
$2000
$7000
$5000
$12,000
