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WorksheetsFL Unit 2: Careers & Income
Total questions: 20
Worksheet time: 10mins
The Internal Revenue Service (IRS) is the federal government agency responsible for:
Tax collection and tax law enforcement
Providing service to help fill out your tax forms
Providing responsible loans to needy people
What is the difference between gross pay and net pay?
Gross pay comes from dirty jobs like sanitation & janitorial services
Net pay is your pay after deductions; gross pay is before
Gross pay is your pay after deductions; net pay is before.
Net pay is the signing bonus you receive at your job
This tax pays for benefits that workers & families receive for either Social Security/Medicare.
Excise Tax
Sales Tax
Federal Insurance Contribution Act (FICA) Tax
Garnishment Tax
Are deductions added or subtracted from income?
Added
Subtracted
When thinking about a career which of the following should you do?
Take an interest and skills survey to get a feel for what fields might be best options for you.
Research the average salary and job market projections for your given career.
Research the education/licensure requirements for your potential career.
All of the above
A common theme in career fields that are growing are:
They do not require more than a high school education.
They are often in the medical or technology fields.
The jobs have not been created yet.
The jobs often require PhD’s.
The W-4 tax form is used to ___________.
determine how much your gross pay should be
file your tax return.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
avoid paying income taxes on your paychecks
Earned income could include all of the following EXCEPT:
Annual bonuses
Commission
Company paid health insurance
Tips
Which of the following is not a deduction taken out of your paycheck?
State or local taxes
Union dues
FICA (Social Security/Medicare)
Sick days
What is a 529 plan?
Retirement Account
Savings Account
College investment plan
Roth IRA
What would be an example of a non-authorized (not allowed) use of 529 funds?
Car Payment
Tuition
School Books
On-Campus Housing
A form that tells you how much the government has withheld from your pay over the last year.
I-9
W-2
W-4
W-6
When applying for a loan (car or house mortgage) which pay should you use?
Overtime pay
Net Pay
Gross Pay
Vacation Pay
What is a potential problem with your pay relying on tips as part of your hourly wage?
Tips are spread out over multiple paychecks
Tips are reduced during your first year on the job
Tips are a consistent form of income
Tips are a inconsistent form of income
Good interviewing skills are what form of skill?
Job Specific Skills
Employability Skills
On-the-Job Skills
Apprenticeship Skills
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of the above
What do taxes pay for?
Schools, government departments, roads, and emergency services
Operation of financial institutions
Privately-owned businesses
None of the above
You work part-time for $10.00 an hour. You work for 15 hours this week. Your deductions are $25. How much is your gross pay?
$100
$125
$150
$175
A career cluster is ____________.
A group of related occupations
Workers take a break together
A group of jobs that are in the same location
A group of people who work together
Which of the following is NOT an example of a pay period?
Leap Year
Biweekly
Monthly
Weekly
