WorksheetsPaychecks & Taxes
Total questions: 15
Worksheet time: 5mins
What is the current standard tax deduction for a single person who is not dependent on anyone?
$9600
$10,000
$13,850
With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account
paycheck
payroll card
direct deposit
all are the same
Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income
gross pay
withholdings
net pay
real pay
What two forms must an employee complete when beginning a new job?
W4
W2
I9
I4
A form W-2 _____.
arrives monthly
gets completed on your first day of work
is used to file an income tax return
should be shredded after receipt
Overtime is calculated at 1.5 times an employee's regular rate of pay.
True
False
Contributing to a retirement plan will lower your taxable income.
True
False
Social Security and Medicare taxes that are deducted from your paycheck are known as
Withholding tax
State income tax
FICA taxes
Income Tax Returns must be filed by _____
April 15
December 31
January 31
June 1
Form 1099 can indicate different types of income earned & needs to be reported on your tax return
True
False
A form 1040 is completed by your employer.
False
True
How much was contributed to retirement this pay period?
$200
$220
125.40
$2800
