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WorksheetsFinancial Literacy - Income & Employment Lesson 2
Total questions: 20
Worksheet time: 10mins
Generally, the more education you receive, the higher your lifetime earnings will be.
True
False
There is no relationship between the level of education received and lifetime earnings.
True
False
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Net pay
Total pay
Year-to-date pay
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
Which of the following is NOT a possible tax or deduction that could show up on your paycheck?
State income tax
Contributions to retirement savings
FICA
Sales tax
What is the purpose of the W-4 form?
To file your tax return.
To determine how much your gross pay should be.
To inform your employer of how much federal income tax to withhold from your paychecks.
To avoid paying income taxes on your paychecks.
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
to determine how much federal income tax your employer should withhold from your paychecks.
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
The W-2 form is a form that tells you _______.
how often you will be paid.
how much taxes you owe to the federal government.
how much taxes to withhold from your paycheck.
how much taxes you've paid in the last year based on how much you've earned.
Which of the following statements is true about taxes?
Taxes pay for schools and government departments.
Taxes pay for roads and emergency services.
Taxes are often used at the federal, state, and local levels.
All of the above
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately-owned businesses
Operation of financial institutions
None of the above
How does the government pay for roads, schools, and emergency services?
They are funded through non-profits.
They are funded through taxes.
They are funded through charitable donations.
None of the above
The ___________ is a flexible market that allows you to work short-term, independent jobs.
gig economy
labor market
employee workforce
sharing economy
What do you need in order to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
All of the above
What do you need in order to fill out your 1040?
Your W-2
Your employer benefits documentation
Your credit card statement
Your job offer
When considering a job offer, you should only consider how much you're being paid before you accept the offer.
TRUE
FALSE
When considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer.
TRUE
FALSE
How much you're being paid is the only thing you need to consider when considering a job offer.
TRUE
FALSE
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits
pensions
deductions
allowances
