WorksheetsFina Alg Mid term Review SY 20-21 Sem 2
Total questions: 50
Worksheet time: 43mins
George is a server at Hacienda. He's paid $8.00/hour for a 37.5 hour week. What are his earnings for the week?
$234.38
$302
$300
$250
As a university professor, Gabrielle earns $84,000 per year. What will be Abe's pay if he is paid per month?
$84,000
$7,000
$3,500
What are your total deductions, if you deductions are as follows: Federal Tax $154.53, Social Security $56.74, Medicare $14.15, and health insurance premiums $48?
$236.47
$198.47
$190.80
$273.42
Gross pay: $23,760 Married, with 4 dependents, State income tax rate 6%. Calculate the State Income Tax.
Exemptions: Married $4,000, Each dependent $2,000.
$201.33
$705.60
$945.60
$105.60
By claiming "exempt" on the W-4 form...
You are paying all income taxes upfront at the START of the year.
You are requesting an extension to file your taxes
You will NOT have income taxes withheld from your paycheck.
You are paying all income taxes at the END of the calendar year.
What do you need to file your 1040 form? (hint: choose 2 correct answers)
Your W-2
Your W-4
Your prior year's tax return
Social Security Number
Which form comes pre-filled by your employer that you MUST have to fill out your tax form?
Which form do you fill to file your taxes?
What form do you use to claim your allowances (to choose how much is withheld from your check)?
Job Skill
Specific things you can do, such as prepare a spreadsheet or operate a machine.
Nontechnical skills or people skills needed by most workers.
The charge for instruction at a school.
A system of moral values that people consider acceptable.
A person who studies the economy.
Soft Skills
Specific things you can do, such as prepare a spreadsheet or operate a machine.
Nontechnical skills or people skills needed by most workers.
The charge for instruction at a school.
A system of moral values that people consider acceptable.
A person who studies the economy.
Benefits
Money a person has left over to spend or save after taxes have been paid.
Days a worker is paid for working but does not actually work, such as Memorial Day or Veterans Day.
Money or benefits received from government without working for them.
Forms of pay for a job other than salary or wages, such as vacation days and holidays.
Money received from sources other than working in a job.
Form used to file income taxes.
withholding
tax return
taxable income
tax credit
A persons gross (or total) income minus exemptions and deductions.
taxable income
tax credit
income tax
estate tax
How much time does an employer take to look at your resume?
1-2 minutes
20-30 seconds
less than 10 seconds
Which of these is the correct format?
What sort of contact information should you include at the top of your resume?
Street Address Only
City/Town, Telephone, Email
Telephone Only
Name Only
Do I need an objective or personal brand statement?
It's a good idea
Absolutely, I may not be considered otherwise
Only if I'm absolutely sure I can back the statement up
No, I don't like to brag
True or false: Job experiences are written chronologically (your oldest job goes first and the newest job goes last)
True
False
Which sections belong in your resume? (Pick more than one.)
Contact inforation
Work Experience
Education experience
Accomplishments and honors
Skills
As a general rule, ______________ is going to matter to most companies more than ____________________.
where you went to school, you work experience.
who your parents are, your education.
work experience, what school you attended.
education, work experience you have.
This wasn't covered "technically" on the video but do employers look at applicant's social media profiles before they hire them?
NO, that's an invasion of privacy.
YES, you better believe they do.
Which should you never use on a resume?
your
I
me
my
The Wage and Tax Statement, which shows a person’s earnings and the amounts of income, is also known as the Form _-_.
W-2
W-4
1099
I-9
The Employee’s Withholding Allowance Certificate is a federal tax form that is also called the _____.
W-2
W-4
1099
I-9
__________ is calculated by subtracting adjustments from total income.
net pay
adjusted gross income
gross pay
taxable income
Taxable income is the amount on which taxes are calculated.
True
False
A tax deduction is...
an amount of extra tax money to pay
an amount that is subtracted from adjusted gross income
an amount that is added to adjusted gross income
Two types of tax deductions are:
(Choose 2)
itemized deduction
income deduction
tax break
standard deduction
Your tax liability is..
the amount of total tax owed on income for the year
the number of dependents you have
the amount of tax income you saved
List the basic form used to file income taxes.
1040
1099
W-2
W-4
Which of the following statements about the W-2 form is TRUE?
A W-2 lists all the money you earned in cash over the last year
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
You need a separate W-2 form from EACH of your employers in order to file your taxes
The W-2 includes information about the interest you earned from your investments
